Older adults increasingly spend more on companion animals

A family enjoys a companion animal festival at a park in Seoul, October 2024. Korea Times photo by Wang Tae-suk

It's already been three years since Maru joined the family, but Kim Eun-a is still surprised by her mother's unwavering devotion to the Maltese dog that weighs just 3 kilograms.

"Her wallet is wide open for the dog. What I remember from my childhood is that she was always frugal. So it's really surprising that she spares no expense for her new 'baby,'" said the 30-year-old, who now lives apart from her 59-year-old mother.

As traditional family structures shift and pet culture continues to evolve, more people are forming deep emotional bonds with their companion animals. As of December 2024, the number of registered dogs and cats in Korea reached 3.49 million, up 6 percent from a year ago.

The unexpected result? Wide-open wallets.

Total expenditures on animal-related services jumped by 30 percent in 2024 compared to 2021, according to a recent analysis of 24.85 million payment transactions by KB Kookmin Card. Over the same period, the number of customers increased by 39 percent.

Notably, the most significant growth was observed among those aged 60 and above.

From 2021 to 2024, spending by customers in their 60s and older increased by 60 percent. Their spending on animal-related supplies surged by 77 percent, while expenditures on veterinary services rose by 57 percent.

Visitors look at products at a cat-themed exhibition at a convention center in Seoul, Sunday. Yonhap

"Maru is part of my family. I worry she might get sick from poor-quality food or products, so even if it’s expensive, I prefer to give her the best," Kim's mother said.

Their surge in spending isn’t limited to necessities. There is also a growing demand for lifestyle and luxury items tailored to companion animals.

Ahead of last year’s Lunar New Year holiday, sales of products — such as hanbok (traditional Korean attire) designed for companion animals — made headlines by surpassing those of baby products in the retail market. Pet stroller sales, too, have long outpaced those of baby strollers.

Experts point to the trend of "pet humanization" as a key driver behind the growth of the companion animal market. As more owners come to view their companion animals as family members and treat them accordingly, they are increasingly willing to invest in high-quality products and premium services.

"Higher-income individuals tend to spend more on companion animals — a trend similar to that seen in the child-related industry," said Kim Soo-kyung, a senior researcher at the Samjong KPMG Economic Research Institute.

According to the Ministry of Agriculture, Food and Rural Affairs, Korea’s companion animal market — or the so-called "pet economy" — was valued at approximately $6.2 billion in 2022 and is projected to reach $15.2 billion by 2032.

"With a growing proportion of high earners among seniors aged 65 and older, young single-person households and newlyweds, spending on companion animals is expected to continue rising, signaling strong growth potential for the market," Kim added.