Jianpu Technology (NYSE:JT)
BEIJING, CHINA, February 18, 2021 /EINPresswire.com/ — As younger generations become less interested in having children, pets have steadily grown in popularity. In recent years, pets have become an important—even irreplaceable—part of many people’s lives. In a survey conducted by Rong360 Jianpu Technology (NYSE:JT), titled “The ‘it’ economy, how much are you willing to spend on your pet?”, nearly 10% of pet owners reported willingness to spend more than ¥1,000 (~$145) per month. The survey also found more men than women are willing to spend more than ¥10,000 (~$1453).
The largest group would spend ¥1,000-3,000 to acquire a pet
The Rong360 Jianpu Technology (NYSE:JT) survey found that 36.9% of interviewees would spend ¥1,000-3,000 (~$145-435) to buy a pet. Not surprisingly, higher incomes correlated with greater willingness to spend. Among respondents with monthly incomes of ¥20,000-30,000 (~$2907-4360), 21.88% said they would spend more than ¥10,000 (~$1453). Below is a breakdown of pet purchases by income level:
More than 40% would spend ¥200-500 on upkeep
According to the survey, the largest group of respondents—40%—would spend ¥200-500 (~$29-72) per month to care for their pet. Additionally, 8.4% of respondents reported willingness to spend more than ¥1,000(~$145), which again correlated with income levels. In fact, 11.9% of interviewees with monthly incomes greater than ¥30,000 (~$4360)said they would spend more than ¥5,000(~$726)on their pet.
Pet-related spending levels have risen among populations living in counties and the countryside.
Interestingly, spending levels for buying or maintaining a pet have risen among people living in counties and the countryside. According to the survey, 10.87% of this group said they would spend more than ¥10,000 (~$1453)to buy a pet—a greater proportion than found in tier 1 cities, and the highest among all geographic regions. Moreover, 5% of county and countryside respondents reported willingness to spend more than ¥5,000 (~$726)per month.
Overall, the survey confirms pets are becoming more and more popular throughout the population.
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