Packaged cat treats are on display at a pet fair held at COEX in southern Seoul on January 19th.Yonhap News
Written by Lee Hwan-woo
Pet lovers are increasing their spending to better care for their animals, and credit card companies and insurance companies are increasing the number of benefits for their customers and launching products and services tailored to their customers' needs. It looks like this.
According to the KB Financial Group think tank, a total of 5.52 million households owned companion animals in 2022. This figure accounts for 25.7% of the total households in the country, an increase of 2.8 percentage points from the previous survey result in 2020.
Spending on veterinary hospitals averaged 787,000 won ($590) in the 2020-22 period, an increase of 319,000 won compared to the 2019-21 period.
During the cited period, the average amount spent on food, toys, salons, baths, and other pet care products and services increased by 14,000 won, bringing the total amount to 154,000 won.
Against this backdrop, in 2022, Woori Card increased the amount of credit cards issued, which offer a 10% discount on a wide range of animal care services, by 160% compared to the previous year.
Samsung Card and KB Kookmin Card have also launched credit cards that offer a 30 percent discount when used at veterinary hospitals and pet shops.
The pet-related insurance field is expected to grow by 20 billion won annually, and the government has announced that it will develop this field as a strategic industry, and insurance companies are rapidly expanding their businesses.
Samsung Fire and Marine Insurance has launched an insurance policy that provides 100% coverage for surgeries and other veterinary services.
Samsung Life Insurance plans to establish a subsidiary specializing in pet medical insurance. It also invested in Woolian, which specializes in pet scanning devices.
