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No parents would think twice about spending however much money on their children — the subject of unconditional love oftentimes comes at the sacrifice of their own financial well-being.
These days, no less doting are pet owners.
They don't scrimp on spending millions of won just to ensure their life companion is afforded the best care possible, spanning medical, leisure, food and lifestyle.
Is it too much given they are not even human beings?
Not necessarily, according to many pet owners, because the sense of loyalty and love the animals reciprocate are almost always unmatched in human relationships.
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“I spend at least 500,000 won ($373) on my dog every month, but I have never thought of it as a waste,” said a dog owner in her 30s surnamed Kim. “It has been and will continue to be my pleasure as long as I'm blessed to spend time with her.”
Kim says she only takes vacations if she can find a pet-friendly hotel with amenities for dogs.
“It may seem costly to the eyes of non-pet owners. But I don't care about the price tag, if what I pay can give the best care to my life companion whose happiness and well-being is the primary source of joy in my life.”
She is among many pet owners fueling the rise of the "petconomy," a portmanteau of "pet" and "economy."
According to the Korea Rural Economic Institute (KREI), an agriculture ministry-affiliated research body, the size of the country's pet market is expected to grow to 6 trillion won by 2027, up from 4.6 trillion won last year.
About 15 million people own pets, meaning roughly one in every three residents in Korea has an animal companion.
The number of dogs registered with government-designated intermediaries surged 47 percent from 2019 to 2022.
Parents with children have been increasingly outpaced by the pet craze, as evidenced by pet strollers and pet food now outselling baby food.
According to Gmarket, 57 percent of strollers sold were for pets, while only 43 percent were for children.
Similarly, sales of dog food have consistently outpaced those of baby food since 2021.
Separate Gmarket data showed that dog food sales made up 48 percent of the total compared to baby food in 2020. This share rose to 61 percent in 2021 and reached 69 percent as of May.
Some pet gyms reportedly offer personal training and therapy for dogs in a comprehensive one-on-one package that costs 1 million won.
The same amount of money is typically needed to have a professional attend to their pet three times a week.
The pet market is expected to continue thriving, supported by government initiatives aimed at positioning the industry as a key growth driver.
The Ministry of Agriculture, Food and Rural Affairs, the Ministry of Economy and Finance, and the Financial Services Commission announced measures in September to bolster the pet industry.
Among the plans is the establishment of a system for food labeling and standards that align with advanced pet markets such as those in the U.S. and the European Union.