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.
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.
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 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.
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.
