This is how pet parents in Hong Kong distribute their monthly budget
Food and veterinarian costs represent more than a third of the total expenditure, according to new research.
A survey commissioned by insurer OneDegree of more than 500 pet owners concluded that pet parents in the territory spend up to HK$680,000 ($87K/€79.8K) to provide for an insured pet throughout its life.
A majority of respondents (53.4%) dedicate between HK$1,000 ($127/€117) and HK$4,999 ($639/€586) in pet expenditures monthly.
As much as 19.4% of the budget of Hongkongers pet parents go for food and snacks, followed by veterinary visits and medication (17.2%), health checkups and dental care (9.8%) and pet insurance (8.7%).
The research also found out that local pet parents spend a big part of their budget on purchasing vitamins and supplements, vaccinations, and parasitic treatments for their furry friends.
Low insurance rates
As much as 16% of respondents to the survey were unaware of pet insurance. Of the remaining 84%, nearly half had pet insurance coverage.
The coverage adequacy (37%), premium costs (35%) and reimbursement rates (10%) were the top concerns among respondents planning to buy an insurance plan for their animal.
It is believed that the estimated penetration rate of pet insurance in the Asian country is around 5%.
According to Euromonitor, Hong Kong had 1.18 million pets in 2023. Most of them were cats (280.4 million) and dogs (304 million). It is estimated that the pet population will slowly increase at an average yearly rate of 0.2% and reach 1.2 million in 2028.
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