Precious pets present economic potential

SHENYANG — Pet stores in northeast China are still busy after the Spring Festival holiday, during which many owners left their pets in their care.

"During the holiday, our six branches provided boarding services for many pets, and average turnovers increased by about 20 percent," said Zhang Jiaqi, manager of a store in Shenyang, Liaoning province. "Currently, our snacks and toys are still selling well, and there is a waitlist for pets to get groomed."

Data from major online delivery platform Meituan showed that searches for "Spring Festival pet boarding" and "pet grooming services" increased by 82 percent and 255 percent, respectively, year-on-year. These services are just the tip of the iceberg when it comes to the pet industry in China.

According to research firm iiMedia Research, China's pet economy was worth 493.6 billion yuan ($72.71 billion) last year, a year-onyear increase of 25.2 percent, and is expected to reach 811.4 billion yuan by 2025.

The company noted that the pet economy is developing and expanding across the entire industrial chain, and services continue to expand, leading to new businesses in areas such as pet livestreaming, boarding and training, which show strong prospects for growth.

"Economic and social change lies behind the booming pet economy," said Zhang Sining, a researcher at the Liaoning Academy of Social Sciences. "Today's pace of life is fast, and young people are under great pressure at work. Also, with the increase of elderly people living alone in a rapidly aging society, pets meet many people's emotional needs."

Zhang also noted that pets are no longer perceived merely as animals but are now more like children, and relationships between pets and their owners are becoming closer.

Liu Yu, a 25-year-old human resources manager from Shenyang who works in Nanjing, capital of Jiangsu province, said that when she gets home from work and sees her cat waiting, her mood improves greatly.

Industry insiders said that China's pet economy has lain undeveloped for a long time, it has relatively weak foundations and faces some regulatory challenges. Its expansion will require follow-up regulatory policies, so that buyers and service providers benefit from the healthy development of the sector.

Xinhua