Samples of pet food are on display during a press briefing by the National Institute of Animal Science on nutritional standards for pet food at Government Complex Sejong in October 2024. Yonhap

Kim Kyu-mi, a hairdresser in her 30s with six puppies, says she seriously thinks about hiking the price for her services — from haircuts, perms and styling to other treatments — due to the growing costs of feeding her dogs as a single working woman in Seoul.

“Customers who have been frequenting my salon for years simply laughed it off when I first hinted at a possible price increase mainly because of dog food expenses, not due to monthly rent for business or other financial reasons that they find more convincing,” Kim said.

“But as I explained how large of a share dog food makes up in my monthly spending in the middle of a price increase of imported goods, they began to sympathize with my financial situation.”

She added, “Most customers are thankfully open toward paying higher prices for services they get, and that I may be able to finalize my decision soon.”

The financial burden that Kim faces as a pet owner shows the adverse effects of the volatile currency rate pushing up prices of imported goods, including those for pet care.

According to Statistics Korea, the consumer price index for pet products, including food, toys and grooming supplies, reached 116.8 percent in 2024.

The figure steadily increased from 100 percent in 2020 — which the agency marked as a basis year in its research on the pet market — to 101.23 percent in 2021, 106.66 in 2022 and 115.22 in 2023.

These findings came as the value of the Korean currency depreciated against the U.S. dollar, weakening to the level of over 1,400 won per dollar.

Such a level was previously recorded at times of financial crises but is possibly regarded as a “new normal” in the currency market.

A variety of packaged pet foods are on a display at a supermarket in Seoul in this 2021 file photo. Yonhap

Under the circumstances, Royal Canin, a French pet food brand, hiked prices for selected products by 4.8 percent on average, Monday.

According to industry officials, Royal Canin did so as it struggles with inflationary pressure and other external conditions that have been impacting its production costs.

The French brand is the most popular in the domestic market, leading other pet food manufacturers to also consider increasing their prices.

Asked whether lowering prices could help attract more customers, a pet food store owner in Seoul said “Not likely.”

“The pet market is where a premium pricing strategy prevails,” the owner said on condition of anonymity, noting many pet owners are childless couples “who are willing to spend as much as parents with a baby would do."

The owner pointed out that high-end brands are popular in the baby product market as parents seek the best quality for their child amid the nation's low birthrates.

Kim said the fact that pets get used to what they eat is another reason why switching from a higher-priced brand to a lower-priced one is not likely to occur.

“For instance, I tried food from domestic brands for my dogs after feeding them Royal Canin-made food,” she said. “But only one of the six dogs liked the new brand so I had to keep feeding them Royal Canin."

Industry officials noted that pressure to increase the prices of pet food may persist, given that the number of pet owners has been increasing and they are willing to spend more on their pets.

Conducted by the Ministry of Agriculture, Food and Rural Affairs, the 2024 National Consciousness Survey on Animal Welfare showed that pet owners in Korea spent an average of 142,000 won on their pets per month in 2024, up sharply from 16,000 won in 2023.