China Wants Pets More Than Kids, Apparently

Having kids in China seems to be less alluring than having fur babies, according to new data from Goldman Sachs. The investment bank estimates that by 2030 the nation's urban pet population will be nearly double that of kids under the age of 4, per the Financial Times. "We expect to see stronger momentum in pet ownership amid a relatively weaker birth rate outlook ... from the younger generation," Goldman Sachs analyst Valerie Zhou writes.

• The numbers: In 2017, China boasted 90 million kids 4 and under, while cats and dogs numbered about 40 million, according to data from the National Bureau of Statistics. This year, the pets number is expected to catch up to the kids number of 58 million, and by 2030, the pets-to-young-kids comparison is set to be 70 million to less than 40 million. The report forecasts cat ownership to whip past that of dogs, as cats generally don't need as much space.

• Pet ownership: Nearly half the pet owners in China last year were between the ages of 23 and 33, per NBC News. Business Insider notes that many unmarried and/or childless Chinese people, as well as older citizens, prefer to keep pets for companionship.
• The pro-pet faction: One 30-year-old from Chengdu, who has three cats, a crested gecko, and a hognose snake, tells the Times that "maintaining a relationship with a pet is much cheaper and less difficult than maintaining relationships between people." Meanwhile, a 26-year-old Chinese venture capitalist tells Insider that "having a child is like owning an investment with no guaranteed return for at least 18 years."
• Who's benefiting from the pet boom: The Chinese pet food industry, with Goldman Sachs estimating there will be a $12 billion market for pet food by 2030.
• Other nations: The Times notes that Japan is seeing a similar trend, with about 20 million pets to 5 million kids under 4, according to the Goldman Sachs report. In the US, meanwhile, the American Veterinary Medical Association estimates there were up to 89 million dogs and 62 million cats in 2020, while government data shows there were 73 million kids of all ages that same year.

(More China stories.)