The 'Petflex' culture, where people spend generously to ensure their pets live happily and healthily, is spreading.

Both the amount and frequency of spending have increased, and expenditures are expanding into areas covering the entire life cycle such as care, funerals, and entrusted management.

Now, expenses related to pets have become an important part of everyday spending, not just a simple choice.

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According to an analysis of customer data in pet-related sectors by NH NongHyup Bank on August 19, spending on pets last year increased by 35% compared to 2020. This result is based on NH NongHyup Bank's index of annual pet-related industry usage statistics (including animal hospitals, grooming, entrusted management, and funeral services) using 2020 as the baseline. The number of transactions and customers also rose by 20% and 11%, respectively. The annual per capita spending on pets was found to be 270,000 won.

The frequency of pet-related purchases also increased. Last year, the number of customers who used pet-related services more than 10 times a year rose from 120,000 in 2020 to 150,000. The number of customers who used such services 4 to 9 times a year increased from 250,000 to 270,000. The number of customers who spent more than 500,000 won annually also grew from 117,000 in 2020 to 165,000. NH NongHyup Bank explained, "As pet-related services have diversified, more customers are spending frequently and generously for their pets."

Specifically, consumption in all areas necessary throughout the life of companion animals has increased evenly.

NongHyup Bank analyzed that the consumption trend in companion animal kindergartens and hotel industries has shown a clear increase since 2022 over the past five years.

Last year, the number of users increased by 33% compared to 2020, the number of uses increased by 38%, and the average amount spent per use rose from 74,000 won to 125,000 won during the same period.

The number of animal funeral service companies increased by about 1.5 times over five years, from 57 in 2020 to 83 last year.

During the same period, the average expenditure per person for funeral services more than doubled from 110,000 won to 260,000 won, and the number of customers increased by 48%.

However, the burden of pet medical expenses has also increased.

According to an analysis of payment data from animal hospitals in the Seoul area, the proportion of small payments under 30,000 won decreased from 37% in 2020 to 30% last year.

On the other hand, the proportion of high payments over 100,000 won increased from 19% to 27% during the same period.

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NH NongHyup Bank analyzed that the Petflex culture is expanding beyond simple consumption into a culture of giving. According to NH NongHyup Bank’s analysis of transaction text in deposit and withdrawal accounts, 1 in 5 customers (20%) participated in animal-related donations more than twice in the past five years from 2020 to last year. The number of customers who made donations 12 times or more per year more than doubled last year compared to 2020.