Core Insights - The pet economy is rapidly growing, with the number of pets in urban China expected to exceed 120 million by 2024 and the market size surpassing 300 billion yuan, projected to exceed 350 billion yuan by 2025 [1] - The industry faces challenges such as a lack of standards, chaotic medical pricing, and safety concerns in pet boarding services [1] Group 1: New Consumption Trends - The relationship between pets and humans has evolved from functional companionship to treating pets as family members, leading to new consumption scenarios like pet fashion weeks and pet-friendly travel [2] - Young people and the elderly are the primary consumer groups, with studies showing that young individuals are willing to spend more on pets than on themselves [2] - The pet market in China is still in its early stages compared to foreign markets, indicating significant potential for growth and new service offerings [2] Group 2: Industry Standards and Challenges - The pet industry is experiencing a dichotomy between high-end services and a lack of basic service standards, particularly in pet healthcare [4] - Establishing a standard system for medical practices, protecting consumer rights, and introducing pet insurance are essential steps to address these issues [4] - The use of AI and advanced manufacturing technologies in the pet industry is seen as a promising trend, particularly in areas like smart collars and specialized pet medications [4] Group 3: Creating a Pet-Friendly Society - The development of pet-friendly spaces must include boundaries to respect both pet owners and non-pet owners, ensuring mutual understanding [5] - A comprehensive set of standards should be established for shared spaces involving pets, with input from all stakeholders [5] - New services like pet funerals and psychological counseling are emerging, but there are concerns about high pricing and potential market limitations [5][6]