A dressed dog poses for a photo at the 2023 K-Pet Fair in Seoul on March 24, 2023. (Yonhap)
SEOUL, April 18 (Korea Bizwire) — South Koreans are spending more on pets every year, data showed Monday.
According to Shinhan Card Co., a major credit card company, card spending per capita among its customers at animal hospitals, animal cafes, and animal salons amounted to 353,000 won (US$267) last year.
The amount was higher than the 262,000 won reported in 2019 and increased to 283,000 won in 2020 and 313,000 won in 2021.
Credit card usage in the pet animal market went up by 21 percent from 2019 to 2022.
The proportion of customers who spent more than 300,000 won on pet animals each year increased from 22 percent in 2019 to 23 percent in 2020 and 28 percent in 2021.
Of the individuals who used their credit cards on spending for their pets as of late February, 62 percent were women.
Another 34.2 percent of the pet owners were single, and only 4.4 percent were newly married. The data also showed that 30.4 percent had young children, and 18.2 percent had children who have reached adulthood.
This indicates that an increasing number of women who are choosing to postpone or give up on marriage are adopting dogs or cats, or families are adopting pets for their children, Shinhan Card said.
Ashley Song (ashley@koreabizwire.com)
