Pet 'craze' in households: Number of animals set to surpass number of babies

According to a report by American investment bank Goldman Sachs examining the growing demand for pet food, the number of pets in China will surpass the number of children aged 4 and under by the end of the year. 

By 2030, the number of pets in China's urban areas is expected to nearly double the number of children nationwide. It is projected that the number of pets in urban areas will exceed 70 million, while the number of children under the age of 4 will be less than 40 million.

According to the report, this shift is linked to the rise of a generation that is moving away from the traditional view that marriage is solely about procreation and continuing the family lineage.

'DIFFERENT GENERATIONS ASSIGN DIFFERENT VALUES'

According to a report in Independent Türkçe, Hansen and Momo, a couple living in the capital Beijing who have been married for 7 years, care for 6 pets in their home. Hansen, who was interviewed by the American media outlet CNN, says, "Different generations assign different values to certain things." 

Stuart Gietel-Basten from the Hong Kong University of Science and Technology points out that working conditions in the country also play a significant role in this change. 

The academic notes that young couples suffer from long working hours as well as unemployment, and states that women are expected to quit their jobs after giving birth, but they are refusing to do so.

The Goldman Sachs report points out that pet food is one of the fastest-growing consumer sectors in China. Sales increased by an average of 16 percent annually between 2017 and 2023, rising to 7 billion dollars. According to the report, the value of the sector is expected to rise to 12 billion dollars by 2030. 

CHINA'S POPULATION IS DECLINING

According to data released by China's National Bureau of Statistics in January, the population of mainland China, which was 1 billion 411 million in 2022, fell to 1 billion 409 million in 2023.

While 9.02 million babies were born last year, the number of births decreased by 5.6 percent compared to 2022, when 9.56 million babies were born.

The birth rate also fell to 6.39 per thousand, the lowest level since national records began in 1949. 

Following the one-child policy implemented between 1980 and 2015, couples were granted permission to have three children as of 2021.

News Source: 12punto