If it costs 6 million to raise a child, how much does it cost to raise a pet? In February 2024, virtual insurer OneDegree commissioned Ipsos, an independent market research firm Ipsos, to conduct a “Hong Kong Pet Spending Survey”. The survey interviewed a total of 526 pet owners aged 18 and above who owned cats or dogs. It was found that pet owners who had pet insurance spent HKD 680,0001 to raise a pet! The survey also found that if each pet owner had 1.5 pets on average, the expenditure per pet owner would reach HKD 1.02 million. This highlights that the love and care involved in pet parenting can be comparable to raising a child, as both parents invest similar levels of dedication, time, and financial resources.
Quick Read：
- Why does it cost HKD 680,000 to raise a pet?
- The most common cat and dog breeds owned by Hong Kong people
- Over 53.4% of pet owners spend between HKD 1,000 and 4,999 on their pets each month.
- Pet owners consider the “no sub-limit of compensation” as the main factor in choosing pet insurance
A complete report is available for download at the bottom of the article!
Why does it cost HKD 680,000 to raise a pet?
Hong Kong Pet Spending Survey interviewed 526 cat and dog owners. Based on their average annual general and medical expenses for pets, and considering the average lifespan of pets as 14 years. It was found that pet owners need up to HKD 680,000 to raise a pet! If we calculate based on each pet owner having 1.5 pets, the expenditure per pet owner would reach an astonishing HKD 1.02 million!
The most common cat and dog breeds owned by Hong Kong people
The survey further revealed that there are more cat owners than dog owners in Hong Kong, with 41% of pet owners currently owning only cats, while only 39% exclusively own dogs. The remaining 20% own both cats and dogs.
As for the most popular cat breeds among Hong Kong people, the majority own Domestic Shorthair cats (30.9%), followed by Shorthair cats (20.9%) and Persian cats (14.2%). The category of shorthair cats includes American Shorthair, British Shorthair, and Exotic Shorthair cats.
As for dog breeds, the numbers are more evenly distributed. The most popular breed is the Shiba Inu (15.8%), followed by Poodles (13.6%) and Golden Retrievers (13.3%). The Poodle category includes Toy Poodles, Miniature Poodles, and Standard Poodles.
Over 53.4% of pet owners spend between HKD 1,000 to 4,999 on their pets each month
The survey interviewed pet owners about their monthly expenses on their pets, including food, toys, medical costs and pet grooming expenses. The results showed that 53.4% of pet owners spend between HKD 1,000 and 4,999 per month on their pets. Additionally, 16% of people spend between HKD 5,000 and 9,999 per month, and 7.4% of people spend over HKD 10,000 per month. This indicates that many pet owners consider their pets as family members and are willing to invest more in taking care of them.
Pet owners consider the “no sub-limit of compensation” as the main factor in choosing pet insurance
In the aforementioned monthly expense survey, health check-ups, dental care, veterinary fees, and medication accounted for a total of 27% of the expenses. Additionally, 66% of the surveyed pet owners had utilized general veterinary services, indicating a high level of importance placed on pet health. To alleviate the burden of pet medical costs, many people choose to enrol pet insurance for their pet. According to the survey results, 96% of owners who were familiar with pet insurance considered “no sublimits” as an important benefit, highlighting the market demand that OneDegree’s exclusive Pet CEO Plan® effectively meets with its unique “no sublimits” feature.
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1 The total general and medical expenses incurred over a pet’s assumed 14-year lifespan, calculated based on the responses from surveyed pet owners with pet insurance.
2 The total general and medical expenses incurred over a pet’s assumed 14-year lifespan, calculated based on the responses from surveyed pet owners with pet insurance and taking into account the average ownership of 1.5 pets per owner.