A Trend Briefing by Dion Chang
In 2023 a defining moment in global pet parenting took place. Gmarket, South Korea’s largest online retailer, released their sales data, which showed that they had sold more pet strollers than baby strollers that year.
On opposite sides of the planet – in the USA and in China – a remarkable demographic shift is taking place. In both countries, and other countries around the world, there are now more households with pets, than households with children under the age of 15. China’s pet food market is fast approaching the size of the baby milk formula market.
South Africa is following this same pet economy trajectory: you just need to follow the money. Every supermarket chain now has a pet offering. Woolworths acquired Absolute Pets in 2024, every new store that Checkers opens, now includes a stand-alone Petshop Science store alongside, while the Spar group launched its pet offering, Pet Storey. PnP’s Pet Club provides discounted insurance premiums with DotSure, the pioneer in the South African pet insurance industry. Today, every other insurance company now provides a pet insurance category.
What’s happening?
Pets – aka fur babies – have evolved from being service animals (dogs as security guards and cats as rodent deterrents) to being a pet parent’s preferred company and have moved from living out in the yard to bagging the best spot on the bed. The transfer of spending on “fur babies” is staggering. It has fuelled a $11.9 billion USD luxury pet market that includes gourmet meals, spa-style vet care, and even private jet airlines, catering specifically for jet-set pets.
The pet economy is booming. New opportunities abound for retailers, service providers and entrepreneurs, and the range of products and services already emerging will surprise you.
The trend briefing provides insights into:
- The science behind the “fur baby” phenomenon and the pet parent obsession.
- How the global child-free movement (electing not to have children vs being “child-less” and being unable to conceive) has contributed to the pet economy.
- How Gen Z in particular are boosting the global pet economy by being the largest group of first time pet parents.
- The products and services, specifically in the luxury sector, tapping into the indulgent streak that all pet parents have, especially the ones with deep pockets.
- The high-tech pet: how technology is intersecting with the global pet economy.
- “Petfluencers” and “Pawdcasts”: the pet economy’s socio-cultural impact.
Who needs to hear this trend briefing?
- Companies within the pet industry who need to see what they are missing out on.
- Retailers who want to diversify and expand their product or service offerings.
- Retailers tracking demographic shifts and disposable income, that’s now going to pets.
- HR practitioners who need to see how new pet legislation affects company policies.
- Anyone who sees their pet as part of the family.
This trend briefing will surprise and delight. The audience will find themselves shaking their heads in amazement at the services and products already available for indulged “fur babies”, but at the same time the trend and business insights will spark new ideas and initiatives for companies wanting to leverage an unleashed pet economy that is growing exponentially.
If you are interested in booking this trend briefing for your company or clients, contact
Bethea Clayton at connected@fluxtrends.co.za or +27764539405 to book this Trend Briefing for your team.
