“Uninvolved or permissive [pet] parenting are no longer the norm for pet owners,” mentioned Emily Chow, OneDegree’s deputy CEO. “They highly value daily care, diet and their pets’ well-being and health.”
Owning pets has turn into more and more widespread in Hong Kong over the previous 5 years, with the variety of cats, dogs, birds and different pets leaping by 50,000 to 1.19 million between 2018 and 2023, in response to Statista. The business has seen gross sales develop by 50 per cent over these 5 years to US$1.2 billion final 12 months, in response to Euromonitor knowledge.
An ageing inhabitants, Covid-19-related social isolation and the excessive prices of elevating youngsters are amongst key elements which have pushed the expansion of town’s pet business, in response to separate stories by the German Chamber of Commerce in Hong Kong and OneDegree.
Hong Kong digital insurer OneDegree on observe to show a revenue in 2024: CEO
Hong Kong digital insurer OneDegree on observe to show a revenue in 2024: CEO
OneDegree’s Chow mentioned that pet homeowners nowadays not solely search vet care when their pets fall unwell, however additionally they schedule common check-ups and enrol their pets in insurance policy. “They consider pets as family and provide their four-legged companions the same love and care,” she added.
However, regardless of the money and energy that Hongkongers are spending to care for their pets, town’s pet insurance coverage business remains to be in its nascency, with an estimated use price of round 5 per cent.
The report reveals that as many as 16 per cent of the 526 homeowners polled by OneDegree had by no means heard about pet insurance coverage, and amongst those that had heard of pet insurance coverage, lower than half had enrolled their pets in an insurance coverage plan.
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“We believe [that] by continuing to educate pet owners, providing transparent product information, as well as a seamless and efficient online insurance purchase-and-claim experience, the market will grow and boom in Hong Kong,” she mentioned.
Meanwhile, mainland China’s pet business can also be seeing constructive progress, though the expansion momentum has slowed over the previous few years due partly to Covid-19 and its influence on households’ disposable incomes.
Online insurer OneDegree raises US$27 million to broaden digital property protection
Online insurer OneDegree raises US$27 million to broaden digital property protection
Last 12 months, mainland pet homeowners spent a mean of two,875 yuan (US$400) per 12 months on their dogs and 1,870 yuan on their cats, marking declines of 0.2 per cent and 0.75 per cent, respectively, in comparison with 2022 ranges. Nonetheless, the market recorded whole gross sales of US$13.6 billion, near a 100 per cent enhance from 2018, in response to stories printed individually by business our bodies such because the Chinese Veterinary Medical Association and Euromonitor.
Pet meals dominated homeowners’ spending with a 52.3 per cent share, whereas medical services, together with treatment, bodily examinations and vaccines, accounts for 28.5 per cent, the affiliation’s report reveals.
The mainland pet economic system is predicted to succeed in 81.1 billion yuan in gross sales subsequent 12 months, in response to estimates by iiMedia Research.
