Veterinary Services Dominate Growing Pet Economy, KB Data Shows (Image courtesy of Pixabay/CCL)
SEOUL, June 2 (Korea Bizwire) — Spending on pet care services and products in South Korea has surged by 30% over the past three years, with the fastest growth driven by consumers aged 60 and older, according to a new report released by KB Kookmin Card.
The analysis, based on 24.85 million card transactions by 3.54 million customers from 2021 to 2024, found that the number of consumers spending in pet-related sectors—such as veterinary clinics and specialty pet stores—increased by 39% over the same period.
Veterinary services accounted for the bulk of spending, comprising 75% of total pet-related expenditures, compared to 25% spent at pet supply retailers.
By age group, people in their 30s represented the largest share of pet-related spending at 23%, followed closely by those in their 20s and 40s (22% each), 50s (20%), and 60s and above (13%).
More Cats, More Clicks: How Seniors Are Reshaping Korea’s Pet Economy (Image courtesy of Pixabay/CCL)
However, in terms of spending growth, the 60+ age group posted the highest increase, up 60% from 2021. That includes a 77% jump in pet supply purchases and a **57% rise in veterinary expenses.
Online purchases are also on the rise, with the share of pet products bought online reaching 64% in 2024, a 53% increase from three years earlier. Notably, cat-related products saw an 81% surge in online sales, outpacing the 49% increase in dog-related items.
The number of veterinary clinics also grew, rising from about 14,000 at the end of 2021 to 17,000 in 2024—a 24% increase. Spending is increasingly concentrated among major providers, with the top 10% of clinics accounting for 68% of total revenue, up from 62% in 2021.
“These figures reveal significant shifts in consumer behavior, particularly among older adults, and highlight the growing dominance of online channels in the pet care market,” a KB Kookmin Card representative said.
Lina Jang (linajang@koreabizwire.com)
