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Spending on Pets Sharply Increases in Korea

October 7, 2013

Up 20.9% from a Year Ago to $77.7M

Due to One-Member Household Increase

Koreans are spending big on their pets. (AP)

Koreans are spending big on their pets. (AP)

Koreans are spending big at pet shops and veterinary clinics.

According to data released by the Credit Finance Association on Monday, the combined amount of purchases made on goods and services related to pets with credit cards came to 83.1 billion won (US$77.7 million) in August, up 20.9 percent from a year ago.

Spending on animal-related goods came to 21.3 billion won in August, rising 33 percent from year before. Transactions made at veterinary clinics also rose 17.2 percent over same period, reaching 61.8 billion won.

Market watchers said the rising amount of pet-related credit transactions came as more cardholders adopted companion animals amid the increasing number of one-member households in South Korea.

Demand for pet insurance is also on the rise. Lotte Non-life Insurance Co., a financial arm of South Korea’s retail conglomerate Lotte Group, said they’ve sold 437 pet insurance policies by the end of August. They’ve only started to offer pet policies since February.

Samsung Fire & Marine Insurance Co. launched pet insurance back in November of last year and said it has sold 476 policies this year (since the end of August).

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