As one in four households in Korea owns a pet, the monthly cost of keeping pets is found to be around 150,000 won per month.
According to the 2023 Korea Pet Report released in April by KB Financial Holding’s Business Management Research Institute. By the end of 2022, the number of pet-keeping households in Korea was 5.52 million, up 2.8% from two years ago and around 25.7%. General families. The report is based on a survey of 2,000 men and women aged 20 to 69 and the Statistics Korea Census.
In 2021, the average household earned 154,000 won a month, 14,000 won, and more than 140,000 won in 2021. By type of pet, households with dogs won 148,000, while cat owners won 136,000. 73.4% of households have incurred expenses to treat their pets over the past two years (2021-2022), averaging 787,000 won.
Only 21.5% have saved money for pet breeding and 11.9% of households buy pet insurance. Many households said that despite being aware of pet insurance products, they are not interested in pet insurance due to financial burden and limited coverage.
The Maltese (25.9%) is the most popular dog breed, followed by the Poodle (21.4%). The most preferred cat breed is followed by Korean Shorthair (62.1%), Persian (15.0%) and Russian Blue (11.9%).