With the Spring Festival approaching, the consumer market is bustling. Pre-orders for the New Year’s Eve dinner are high, and costumes with “snake” elements have caused a stir on social media.
“Blue Whale News” reporter recently visited and found that “pet customization” has gained considerable popularity. Pet New Year’s Eve dinner, pet lucky money snacks, pet New Year photos, pet New Year clothing, etc., have triggered a new wave of consumption online and offline. With the in-depth development of “it consumption” and its anthropomorphic nature, the pet consumption market is also showing signs of differentiation and diversification.
Pet “New Year’s Eve dinner” and “lucky money” are very popular in the pet market
Braised lamb with Astragalus and red dates, braised snapper, gelatin Buddha jump wall, salmon cod rice, Steak Wellington, and “golden caviar bun” made of chicken, goat’s milk, purple sweet potato and other raw materials… Blue Whale News reporters noted that the diverse and beautifully designed pet “New Year’s Eve Dinner” is very popular on major e-commerce platforms. A New Year’s gift set usually includes main course, main course, dessert and other categories. Prices range from tens to hundreds of yuan, and some expensive gift boxes even contain rare ingredients such as abalone, sea cucumber, flower glue and cordyceps.
On the Taobao e-commerce platform, the “New Year’s Eve Dinner” gift boxes of brands such as Xiaofresh Food, as well as the homemade “New Year’s Eve dinner” gift boxes of shops such as Tao Ma Pumpkin shop and Maomao pet dog Yu Cat Lane are favored by pet owners, with sales of more than 100 sets.
At the same time, many leading pet industry brands are actively entering the Spring Festival market.
Nestle Purina’s ultra-high-end brand Guaneng launched a new product of “Lucky money” through multiple channels. It includes two limited-edition New Year gift boxes, one for kittens and one for puppies, and the “China Red” package incorporates traditional festive elements such as lucky money envelopes and fireworks.
Hollyland Pets, the pet baking brand owned by Hollyland, has launched a New Year’s treat gift box for pets that contains “rock candy gourds” – snacks and cookies made from chicken, cheese and yogurt.
The “fancy pet” trend has gone beyond food
Mengmeng, a pet owner from Beijing, bought three new outfits for her one-year-old Shiba inu Dopey. “A New Year is coming, and I hope Dopy can have a prosperous year, too,” Mengmeng said, showing Blue Whale News reporters photos of the puppy’s new clothes: a yellow padded jacket, a red hoodie and a black down jacket.
Pet care and grooming services are also part of pet owners’ Spring Festival spending. “Just like people, the holidays are a peak time for pet grooming. “Our daily laundry orders are fully booked, and it may be difficult to arrange more customers on weekends,” said Yang Yang, manager of a pet grooming shop in Beijing’s Chaoyang district. According to Yang Yang, some pet owners also dress up their pets during the Spring Festival, dyeing their ears and tails red or dragon fruit color, or adding some creative patterns to their backs.
In addition, creating red Spring Festival theme Settings for pets and taking “New Year” photos have become a trend in the “pet industry.” In these carefully arranged photos, pets wear the New Year clothes of snakes, wear long life locks symbolizing health and safety, and pose with toys such as gold ingot, red lantern-shaped cat scratches, and koi shaped dog toys, creating a vivid “New Year scene” that fully embodies the New Year rituals of pets.
Industry differentiation competition
Behind the booming pet New Year market is the huge consumption potential of the “it economy”. The latest “2024-2025 China Pet Industry Operation Status and Consumer Market Monitoring Report” released by IIMedia Consulting shows that the scale of China’s pet economic industry will reach 592.8 billion yuan in 2023, maintaining a positive growth trend. By 2028, the market size is expected to reach 1.15 trillion yuan.
The hot pet consumption market has also been clearly reflected in the performance of listed companies.
Only looking at the first three quarters of 2024, the revenue of Kuaibo pet, Zhongpet, Petit and Luz in the pet food field was 3.671 billion yuan, 3.189 billion yuan, 1.23 billion yuan and 575 million yuan, respectively, all achieving double-digit growth. Among them, Petit’s revenue growth rate reached 44.34 percent. The net profit was 470 million yuan, 282 million yuan, 155 million yuan and 60 million yuan respectively, of which Petit’s net profit growth rate reached 630.85%.
In the field of pet products, Yiyi’s revenue increased by 33.43% in the first three quarters, and the net profit attributable to the parent company increased by 72.72%. Yuanfei pet revenue increased by 27.29% year-on-year, and net profit attributable to the parent company increased by 14.76% year-on-year.
Yuan Shuai, executive vice president of the Agricultural Tourism Industry Revitalization Institute, believes that from a macro point of view, pet consumption has become an important driving force to stimulate consumption and expand domestic demand. Due to factors such as the accelerating urbanization process, the prominent aging problem and the changing lifestyles of young people, pets are increasingly becoming the emotional support of more and more people.
In the future, with the evolution of pet owners’ consumption concepts, the pet consumption market will show a trend of differentiation and diversification. From pet food and supplies to pet medical treatment, pet grooming, pet funeral, pet consumption market industry chain continues to expand, the market scale continues to expand.
“With the emergence of pet-specific segments, there will be more and more corresponding services, bringing greater market demand and consumption dividends,” said Zhu Danpeng, a Chinese food industry analyst. He believes that pet-related products and services are about to enter a phase of rapid development, growth and expansion.
Industry insiders suggest that in the face of increasingly fierce market competition, practitioners need to pay attention to brand building and differentiated competition at the same time, and constantly improve product quality and service level. In addition, the segmentation of the pet market poses new challenges to practitioners, how to accurately understand consumer needs, effective marketing promotion, which requires constant exploration and innovation.
As the pet market continues to grow rapidly, there may be more giant companies entering the field, promoting the development of the entire pet industry, but it will also further accelerate market clearing.
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