I went to the pet expo yesterday, hoping I could get one interview. Surprisingly, there are more homegrown petfood brands now compared to Indonesia, which relies on Thai imports. Not even their local FMCG has tried entering this lucrative segment, which has a compounded annual growth rate of 30% for Southeast Asia.
The evidence is here: the first day of the expo is crowded. Many furparents were queuing up for discounted pet food, pet care goods, and medicines. I also spent a lot of money for cat food and treats. I even hauled a 7kg bag of Maxime kibbles from SMX to Ikea parking because they were discounted.
Having pets, however, is still cheaper than having kids. In this economy, only the rich can afford to have kids!
Birth rates across Southeast Asia are dropping and we choose to have less kids or go child-free. Pets have taken the place of children because that’s what we can afford and they’re more manageable. The region’s average fertility rate has fallen to around 1.89 births per woman, well below the global replacement level of 2.1.
It’s too expensive to buy a house and to send kids to school. Most Southeast Asians in mid to low income segments belong to the sandwich generation: supporting ageing parents or siblings financially while struggling to build their own families with their spouses.
It’s a financial trap that stresses my peers so much.
Pets have somewhat taken the place of kids or having partners. Many are opting out of marriage to pursue single-blessedness because of so many factors but primary is (un)affordability of just surviving this economy.
Yes, pet food and pet supplies are expensive but having kids is so much more.
I was at another expo last Thursday and checked out some EVs for public transport. The iconic Sarao Motors, the maker of Philippine jeepneys, has resurrected by pivoting to EV jeep manufacturing.
I got one interview and secured another one this coming week. Whew!
At least I have enough to tide me while I accompany my mom for her hernia surgery next week. Oh hello, PGH, again.