China: Grooming the growth of pet economy
China’s pet market is growing at a double-digit speed mostly driven by the country's Gen Z that is more prone to purchase high-quality products.
China’s pet market is constantly growing
1. Rising number of pets2
50% of China’s pet owners are Millennials or Gen Z (born after 1990)3
3. China’s gen z and millennials: rising expenditures, shifting consumption patterns
1 PwC: Finding opportunities in China’s fast growing pet industry, September 2020.
4 EU SME Centre: The Market for Pet Food, Supplies, and Services in China, November 2021.
7 Jefferies Thematic Research Gen Z: Global Purchasing Power and Influence, August 2022.
9 GlobalPETS: China pet industry trends in 2021.
10 Jefferies Thematic Research Gen Z: Global Purchasing Power and Influence, August 2022.
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