Leo Lewis in Tokyo and Wang Xueqiao and Thomas Hale in Shanghai

In the US, which is by far the world’s largest pet market, there are more pets than children of any age. The American Veterinary Medical Association estimates there were 84mn-89mn dogs and 60mn-62mn cats in 2020. Government data shows there were 73mn children of all ages in the same year. Chinese pet ownership also came into focus under the country’s strict lockdowns between 2020 and 2022. A survey by UBS of 1,500 pet owners found 80 per cent maintained or increased pet-related spending “after the pandemic versus before the pandemic”.

Analysts at the Swiss bank said this was “evidence of the pet market’s strong resilience in the face of macro headwinds”. It attributed resilience during the pandemic to “the significant role that pets can play in households”.

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