Korea sees sharp increase in pet spending

South Korea reported a 20.9% increase on pet spending in August 2013 over the same month last year. Data collected from the Credit Finance Association showed spending at pet shops and veterinary clinics amassed an ₩83.1 billion ($77.7 million US) purchase totals. 

The demand for pet-related insurance programs also gathered ground this year, implying the growing presence of pet-related instruments in the country's financial sector. Two reporting insurance companies  announced policy increases of more than 400 subscribers in the past year. 

Market watchers said the rising amount of pet-related transactions with plastic cards came as more cardholders adopted companion animals amid the increasing number of one-member households in South Korea. 

READ THE KOREA TIMES ARTICLE