Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
3 in 10 homes have pets
By Park Jae-hyuk
More than 30 percent of Korean households have pets, a survey showed Tuesday.
According to KB Financial Group’s research center, about 5.9 million households own pets, up from 4.57 million in 2015.
The survey shows that one out of three households had previously owned pets, meaning that more than 60 percent of Korean households have lived with animals.
Dogs are the most popular pets ─ eight out of 10 pets are dogs and 16.6 percent are cats. Goldfish, hamsters, birds and rabbits account for the remainder.
The three most popular dog breeds are maltese, poodle and shih-tzu, while those of cat breeds are Korean short-haired, Persian and Russian blue.
Three in 10 respondents spend 50,000 won ($43) to 100,000 won a month on their pets. However, 9 percent of pet-owning households spend more than 1 million won a month on their pets. Most of the expenses are for feeding their animals.
Given that a growing number of businesses in various fields have begun to tap into the booming pet industry, the amount of spending by pet owners is expected to continue to increase.
Companies are seeking to take advantage of the booming pet industry.
KB Financial Group, which conducted the survey, also plans to provide pet owners with comprehensive financial services beginning this month. “KB seeks to become a representative financial company for pet owners, satisfying their needs for pet insurance and other financial services,” a company official said.
Food firms, such as CJ CheilJedang, Dongwon F&B, Korea Ginseng Corp., Seoul Milk and LG Household & Health Care, are expanding their pet food businesses. Harim Group opened its first pet food plant last month as well, launching “The Real” as a “human-grade” pet food brand.
Retail giants including Lotte, Shinsegae and Shilla have promoted clothing brands for pets. Shinsegae Vice Chairman Chung Yong-jin is especially interested in the matter, as he himself owns two poodles named “Mary” and “Molly.”
In line with the trend, the Korean government proclaimed an amended animal protection law earlier this week.
The new rule prohibits animal sellers from breeding and importing animals. Also, pet auction dealers should register themselves as animal sellers, who should follow the new regulations on facilities and personnel.
“We expect the amended law to prevent animal abuse which might have happened at auction houses,” said an official of the Ministry of Agriculture, Food and Rural Affairs.