The New Year is approaching, and pets have also bought New Year's "three-piece sets" - new looks, new clothes, and Chinese New Year's Eve dinner.
According to public sales data, searches for dog Spring Festival clothes soared by 103% in the first few days, and the sales volume of pet Chinese New Year's Eve dinner and pet Spring Festival this year "sprung up", with the former sales soaring by 120% and the latter sales increasing by 489%.
Pets benefit, but it is the keeper who gets the emotional value. Today's pet market has expanded from the basic demand for food and drink to a variety of spiritual needs, which is highly consistent with the "horse ** demand theorem". Seeing the potential of the single economy, merchants are no longer satisfied with making festivals for human beings, and making festivals for furry children is also a top priority.
The shift from ordinary pet breeding, home care, and then companionship means that consumers' functional needs for pets are weakening, and the demand for emotional and daily care is expanding and beginning to be segmented.
With the replacement of consumer goods such as pet Chinese New Year's Eve meals, the rise of brands in subcategories may change the competitive landscape of the pet market in the future. And when those brands that take the big and full route are also facing more and more challenges.
According to the "Blue Book of Pet Industry: 2023 China Pet Industry Development Report", the size of the pet market has increased to nearly 250 billion yuan. Pet food and supplies account for more than half of pet consumption, and pet medical care accounts for nearly 30%.
These data reveal the current trend in the market where pet owners are more willing to spend on daily care and medical care. Medical services have a relatively high threshold, which also provides opportunities for the rise of cutting-edge brands. In the medium and long term, pets will age and have a variety of diseases, and medical and health fields such as pet prescription drugs, prescription food and high-end diagnosis and treatment services are expected to continue to maintain rapid growth. Cutting-edge brands can build their own moats if they can exert their efforts in these areas.
At present, the penetration rate of pet ownership in China is relatively low, and it is still in the rapid growth stage of pet breeding. Compared with developed countries, there is still a lot of room for development. In addition, Chinese consumers spend relatively little on dogs and cats, a significant gap compared to households with the same income level in developed countries. However, the fierce competition in China's pet consumption entrepreneurship track is not smaller than that of developed countries.
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