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Believe it or not! Pet lovers in China are spending billions pimping their pooches.
It is known that China has one of the world’s lowest birth rates so the growing number of middle class couples are choosing to lavish their time and money on pets rather than kids.
An estimate, about 7% of households in China now have a dog, and 2% have a cat. , According to research firm Euromonitor, ownership rates are expected to rise rapidly, boosting the value of the pet care industry by 43% to 13.5 billion yuan ($2.2 billion) over the next five years.
The growth is not just about quantity. Demand for gourmet products and luxury services are on the rise. Companies such as Nestle which owns the Purina brand are introducing new offerings or moving production to China.
There’s also a growing demand of specialty services: acupuncture, Chinese herbal remedies, fur dyes and perms to make puppies look like pandas, pretty manicures and dog yoga — also known as doga.
To add, a Hong Kong salon even offers Chinese-style massage and bone-setting techniques to prevent arthritis and relieve hip joint pain at $20 for 15 minutes.
Financial services firms are cashing in, too. Just last month, state insurer PICC started offering pet insurance policies that cost as much as $550 a year, state media reported.