Petconomy, a combination of the words “pet” and “economy,” is a newly coined term for the market industry associated with pets. The significance of the petconomy is not to be understated, as its market size in Korea reached W5.8 trillion in 2020 and will only increase in the years to come. In addition, 23.7 percent, or one in four, of all households raise pets nowadays, with dogs being the most beloved pets.
“The outlook for the pet industry is highly optimistic and promising, both globally and in South Korea. With increasing interest in pets, the pet industry is expected to grow further,” said Kang Daeun, an employee from a pet appliance company in Seoul.
The market for the petconomy is more diversified than one might expect. In addition to feed, toys, hospitals, and beauty salons, there are now taxis, kindergartens, hotels, theme parks, and even funeral services – catering exclusively to pets. Mobile applications designed for pets and pet owners have also surfaced, which serve as training resources, pet care reminders, and travel guides.
An industry with exponential growth potential is “pet tech,” which refers to “the use of technology to improve the health, well-being, surveillance, and safety of pets.” In Korea, the pet tech industry has grown by 25 percent each year since 2020. Most useful pet tech products and services include smart necklaces (which monitor health and activity), automated feeders, and veterinary telemedicine.
In addition to innovative products and services, there has also been an emergence of new pet-related professions. Pet sitters, in particular, have surged in demand to take care of pets while the owners are away. Professional aromatherapists and walkers have also become commonplace to alleviate pets’ fatigue and correct problematic behavior.
According to the media, the pet industry’s growth is attributable to factors including pet humanization, the rise of the MZ generation, and the diversification of pet businesses. For one, a pet humanization trend has spurred interest in spending more on pets. Pet humanization entails regarding and treating pets as genuine family members. Due to such a trend, people have spent more money on their pets’ recreational activities and well-being.
The MZ Generation has also been a driving force in the industry’s growth, as most pet owners are either millennials or Generation Z. This generation has spearheaded spending on major retail products, and, with their concern for well-being, such a trend is not likely to subside any time soon.
The diversification of pet businesses has played a pivotal role as well. Pet businesses today are subdivided into five major categories – pet foods, pet tech, pet finance, pet play, and pet living. Each has seen high demand due to the positive shift in the perception of pets.
Serena Park Staff Reporter
1. What is "petconomy"? Summarize the information in paragraph 1.
2. How is the market for the petconomy, according to paragraph 3?
3. What is pet tech? Summarize the information in paragraph 4.
4. What are the reasons behind the growth of the pet industry?
1. Do you agree that the significance of the petconomy is not to be understated?
2. What is your experience with pets? Have you ever raised one? If not, what kind of a pet would you raise?
3. What are some of the most popular pet goods or services? Explain.
4. Would you work as a pet sitter or in another pet-related profession? Explain.
Petconomy, a combination of the words “pet” and “economy,” is a newly coined term for the market industry associated with pets. The significance of the petconomy is not to be understated, as its market size in Korea reached W5.8 trillion in 2020 and will only increase in the years to come. In addition, 23.7 percent, or one in four, of all households raise pets nowadays, with dogs being the most beloved pets.
In addition to innovative products and services, there has also been an emergence of new pet-related professions. Pet sitters, in particular, have surged in demand to take care of pets while the owners are away. Professional aromatherapists and walkers have also become commonplace to alleviate pets’ fatigue and correct problematic behavior.
