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China's pet economy steps on fast-tracking growth

China

China's pet economy steps on fast-tracking growth
China

China

China's pet economy steps on fast-tracking growth

2024-04-21 21:17 Last Updated At:21:57

⁠⁠⁠⁠⁠⁠⁠China's pet economy and consumption market has shown promising prospect with growing vitality and catalyzing factors, which has enlivened people's life and enriched occupational categories, along with maturing customized services.

The size of China's urban pets (dogs and cats) market reached 279.3 billion yuan (about 39.1 billion U.S. dollars) in 2023, an increase of 3.2 percent over 2022, according to a pet industry consumption report for 2023-2024. The report estimates the market size would reach 361.3 billion yuan by 2026. 

Pet owners' consumption upgrade significantly contributed to the growth momentum. As the Labor Day holiday break approaches, demands for pet boarding is high as many pet owners plan on travel during the holiday. 

"People are going out to travel, they will put pets in our custody for a few days, otherwise the pets would be left at home unattended. For holidays, our cat rooms and dog cages would be fully booked. I would look after about 20 cats and probably five to six dogs a day. Every day when I walk the dogs in the morning and in the evening, I would record a video and send it to the owners. We also routinely clip their nails, wash their hair, and monitor their physical conditions, "said Cao Qianren, staff member of a pets hotel in Shanghai. 

Demands for pets' grooming, photography service and training are also on the raise. 

"(My dog) has got really thick hair, really difficult to blow dry. Giving it a shower is exhausting. It would take more than one hour with two people drying it with two hair dryers. So I brought it here to the pet store for a wash, which is more convenient," said Hu, a pet owner. 

To meet different demands, self-service pet grooming stores have also emerged in Shanghai, which is good news for owners of pets prone to stress reactions to strangers.

"I know my pet's behavior and temper. It'd mess up the place if I wash it at home, whereas this place has got all the equipment. I can get it washed soon as I come in without having to prepare much. The drying is another factor. Cats are more prone to stress when you blow dry it, and buying a cat dryer box is not very practical at home," said Xu, a pet owner. 

China's pet economy steps on fast-tracking growth

China's pet economy steps on fast-tracking growth

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China's service outsourcing industry reports robust expansion

2024-05-22 04:25 Last Updated At:05:37

⁠⁠⁠⁠⁠⁠⁠China's service outsourcing industry saw robust expansion in the first four months of this year, the Ministry of Commerce said on Tuesday.

Chinese firms inked services outsourcing contracts worth a total of some 781.43 billion yuan (about 110 billion U.S. dollars) in the four-month period, up 14.4 percent year on year, according to the ministry.

The executed contract value stood at 520.51 billion yuan, a year-on-year increase of 12.9 percent.

Of the total, the value of offshore service outsourcing contracts rose 8.6 percent year on year to 419.04 billion yuan.

Specifically, the value of offshore information technology outsourcing (ITO) services provided by Chinese companies jumped by 10.9 percent from a year earlier.

China's Hong Kong Special Administrative Region, the United States and the European Union ranked the top three markets in terms of the fulfilled contract value of offshore outsourcing service, accounting for 54 percent of the total.

Chinese firms undertook nearly 80 billion yuan(about 14.93 billion U.S. dollars) worth of offshore service outsourcing contracts that were fulfilled with countries participating in the Belt and Road Initiative, up 24 percent from a year ago, while the offshore outsourcing services for Regional Comprehensive Economic Partnership (RCEP) member countries totaled 73.26 billion yuan, up 16.6 percent year on year.

Outsourcing refers to hiring an outside party to carry out services or produce goods typically undertaken by in-house employees. In China, service outsourcing is typically divided into three sectors: information technology outsourcing, business process outsourcing and knowledge process outsourcing.

In the January-April period, the service outsourcing industry welcomed about 301,000 new hires, with 84.7 percent of these individuals holding a bachelor's degree or above. The sector had over 16.17 million employees at the end of April, among whom some 10.56 million were graduates with a bachelor's degree or higher.

China's service outsourcing industry reports robust expansion

China's service outsourcing industry reports robust expansion

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