More members of Gen Z in China are choosing to raise fur babies over children, making the pet industry one of the most resilient and fastest-growing sectors in China’s economy, according to analysts, reports the South China Morning Post.
The country’s pet industry is set to grow by 68% to RMB 811 billion ($116 billion) by 2025, compared with RMB 494 billion this year, according to iiMedia Research.
The pet economy is also resilient, delivering 18% compound annual growth from 2019 to 2021, according to a November PwC report. Coming despite economic headwinds, this growth exceeded areas such as groceries and laptop computers, for example, which grew 2% and 5% annually over the same period, PwC said.