Business Innovation Seen Through the Petconomy

When someone posts a photo or video of their pet on social media, people without pets often leave comments like these to express their envy. Pets now occupy a more important place in our lives than ever before.
Walking down the street, you often see people out for a walk with their pets, and TV programs about pets, such as <Dogs Are Incredible (KBS)>, are also increasing.

People's perception of pets is also changing a great deal. In the past, the word 'aewan dongmul' (pet animal) was used in the sense of animals that bring people enjoyment, whereas now the word 'banryeo dongmul' (companion animal) is used in the sense of animals that share emotional closeness with people.
According to Statistics Korea, as of 2020, the number of households raising pets in Korea was 3,129,000 households, accounting for 15% of all households.
As the number of households living with pets has grown, pet-related industries have grown along with them.

Reflecting this phenomenon, the new word 'Petconomy', combining 'Pet' and 'Economy', has also emerged.
It is worth paying attention to the innovations of various companies in the newly emerging petconomy-related industries.