TAIPEI (TVBS News) — Despite stagnant wages and inflation, Taiwanese households are splurging more on fitness and pets. New data reveal that the average household spending on fitness has seen an annual growth rate of over 15% for the past decade, excluding the pandemic period.
"Growth in the last five years has been especially noticeable following the pandemic," says Mars, a fitness instructor. He adds that people from all walks of life, including the elderly and pregnant women, are now more fitness-conscious.
In numbers, the average household expenditure on fitness has rocketed from NT＄316 in 2012 to NT＄1,710 in 2022, representing a staggering 440.9% growth rate.
Similarly, spending on pets has also surged. Over the past ten years, pet-related expenses per household have jumped by 36.2%, and that figure is on the rise. Financial expert Kuo Li-fang notes that keeping a pet is "often nearly as expensive as raising a child."
However, many, including singles, are still opting to have pets for companionship. For example, Jesse's 20-year-old cat has medical expenses amounting to around NT＄13,000 per month, a testament to the rising costs.
The figures are striking. In 2012, the average household spent NT＄1,799 on pets; by 2022, that figure had grown to NT＄2,449. Furthermore, from 2019 until the onset of the pandemic, household spending on pets shot up by 30.9%, indicating a robust market for the foreseeable future.
Despite economic pressures, the data suggests that people in Taiwan are prioritizing spending on activities and companions that enhance their physical and emotional well-being. Both fitness and pet industries are poised for growth, showing resilience against the broader financial landscape.
