Hopkins - Pet econ

Have you noticed that more and more people around you are starting to keep pets? At present, more than 10% of households in Hong Kong have pets. Hong Kong people spend about $2,000 to $3,000 a month on pets, and the trend is increasing every year. You may not know it, but the market size of the pet economy is now over $250 billion. More than 40% of them are concentrated in the United States. Nearly 67% of American households have pets, and the second most, the United Kingdom, has 45%. As more and more people regard pets as part of the family, many owners have begun to choose high-priced natural and organic health food to keep pets, and even use traditional Chinese medicine health diet methods or vegetarian methods to assist in raising pets. And pet insurance, pet funerals, Pet Sitter and other services are becoming more and more popular. The pet business has unlimited opportunities. In the United States, as many as 73% of owners said that no matter what the economic environment is, they will not reduce pet cleaning costs. This means that the pet economy has the characteristics of resisting economic cycles.

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