The pet economy is expected to reach RMB 472.3 billion ($66.8 billion) in China by 2023, according to market research firm Frost & Sullivan.
Chinese Millennials under 30 years old accounted for 45% of total pet owners in China in 2019 and they devote part of their budget to the well-being of their pets including food, welfare, accessories and clothes, toys, insurance…
Dog and cat owners are the leaders on the market but niche pets is also growing such as birds, hamsters, reptiles or rabbits owners.
Pet economy has led to a new lifestyle. For example, some pet owners in big cities ask local friends or even paid pet sitters for temporary care, while others turn to “pet hotels”, a place where you can leave your pets for a determined time. There is also a rise of animal coffee shops in order to make customers relieve themselves from stress accumulated by the pressure of work.
Trends in Pets sector :
Consumers are seeking personalised offers
When they buy pet products, consumers are paying attention to pet food according to the animal’s race and allergies, the online rating and other customers’ feed-backs for toys and accessories and the notoriety of the brand’s products they purchased whether it is a Chinese brand or a foreign brand.
53.2% consumers prefer to shop online rather than buying in physical specialized pet shops. Here is a selection of dog food on epet.com including Chinese brands such as Nature Bridge (比瑞吉) and foreign brands like Royal Canin :
Dog food on epet.com
Cooperation with KOC
“What is the best food brand for dogs ?”, “The best cat litter ?”, “My rabbit looks thinner, why ?”
Much more than KOL (Key Opinion Leaders with a large audience), KOC (Key Opinion Consumers) have a smaller audience and can drive some recommendations and answer followers’ questions based on their own experience.
KOC with pets are booming on Chinese social media
Nowadays, pet owners are more concerned about the well-being of their pets. For instance, Alipay launched a pet insurance service featuring nose print recognition technology, a substitution of using a microchip implant.
Alipay allows pet owners to buy insurance by using facial recognition
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