CHINA: It appears that many young couples in China, specifically in cities like Beijing, maybe opting to have pets instead of children. One example is Hansen and his wife Momo, who live with six fur babies in their apartment in downtown Beijing.
In an interview with CNN, the couple [who refrained from giving their full names] spoke about their dogs and why they chose this route.
“They are all part of our family. We are one big family,” said Momo. “We are not following any trend. We’re not affected by them. It’s just our own choice. I think it’s just that we love dogs,” said Hansen.
The couple are also concerned about speaking openly about their choice as China is currently trying to increase its birth rates.
According to a study by the Beijing-based YuWa Population Research Institute, China is also one of the most expensive places in the world in which to raise a child. It is much more expensive than in Australia or France.
China ended its one-child policy in 2016 and, as of 2021, is urging couples to have three children, but the country’s efforts to increase birth rates haven’t worked.
From @CNN #Beijing: #China‘s canine conundrum – couples are choosing #pets over parenthood, contributing to a #demographic dilemma. pic.twitter.com/tpvVTdeMP7
— Marc Stewart (@MarcReporting) September 13, 2024
Many couples would rather adopt pets instead, and the number of pets in Chinese cities is expected to exceed the number of children aged four and below. This was according to a research report by Goldman Sachs based on the rising demand for pet food.
The report estimates that by 2030, the number of pets in urban areas will double that of the number of young children in the country. The rate of pet ownership will be even higher if the number of cats and dogs in rural areas is factored in.
The Goldman Sachs report states that pet food is one of the fastest-growing consumer sectors in China despite shrinking spending power in almost every other area.
Pet food sales grew 16% annually between 2017 and 2023, creating a $7 billion industry.
The industry’s value is predicted to reach $12 billion in 2030. It’s a big difference from 20 years ago when pet ownership was considered only for the very affluent, and most people kept mixed breeds only as guard dogs.
Conversely, when it comes to projections for babies, the report shows the number of new births in China is likely to contract to an average annual rate of 4.2% between 2022 and 2030 because of a lower number of women in the 20 to 35 age group and a reluctance among the younger generation to have children.
“We expect to see stronger momentum in pet ownership amid a relatively weaker birth rate outlook and higher incremental household pet penetration from the younger generation,” said the report.
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