Pet care booms in Korea as seniors spend on furry friends

In the past three years, South Korea has seen a significant 30% increase in expenditures on pet care services and products. The most noteworthy growth is seen amongst consumers who are 60 years of age or older, a new report reveals.

Analysis of Pet Spending Trends

The report is based on an analysis of 24.85 million card transactions made by 3.54 million customers from 2021 to 2024. It shows a 39% increase in the number of consumers spending on pet-related goods and services, such as veterinary clinics and specialty pet stores, during this period.

Veterinary services accounted for the lion’s share of the spending, comprising 75% of total pet-related expenditures. Comparatively, pet supply retailers accounted for 25% of the spending.

Spending by Age Group

The largest spending group was individuals in their 30s, accounting for 23% of pet-related spending. They were closely followed by those in their 20s and 40s who each accounted for 22% of the spending. Individuals in their 50s and those aged 60 and above represented 20% and 13% of the spending respectively.

However, it’s noteworthy that the 60+ age group saw the highest increase in spending, going up by 60% from 2021. This includes a 77% increase in pet supply purchases and a 57% increase in veterinary costs.

Online Shopping and Veterinary Services

Online purchases also saw a significant boost, with 64% of pet products bought online in 2024, marking a 53% increase from three years earlier. Cat-related products experienced a notable 81% surge in online sales, surpassing the 49% increase in dog-related items.

Veterinary clinics also increased in number, rising 24% from about 14,000 in 2021 to 17,000 in 2024. Spending was heavily concentrated among the larger providers, with the top 10% of clinics making up 68% of total revenue, up from 62% in 2021.

“These figures underscore considerable shifts in consumer behavior, especially among older adults, and emphasize the growing dominance of online channels in the pet care market,” a spokesperson commented.

Questions & Answers

What accounted for the majority of pet-related expenditures in South Korea?
In South Korea, the majority of pet-related expenditures were for veterinary services, which made up 75% of the total.

Which age group had the highest growth in pet-related spending?
The age group of 60 years and older saw the highest growth in pet-related spending, increasing by 60% since 2021.

What rise did online purchases of pet products see between 2021 and 2024?
Online purchases of pet products saw a significant rise between 2021 and 2024, with 64% of pet products being bought online in 2024, a 53% increase from three years earlier.