Mrs. Pranaya Nithananon, Head of Credit Card Marketing, "KTC" or Krungthai Card Public Company Limited, stated that KTC prioritizes operations and building sustainable relationships with partners in various dimensions to increase value for members and meet various needs and lifestyles within the realms of credit card business operations. This year, in addition to providing a special experience to existing members, KTC will focus on expanding the base of new members with high purchasing power and income of approximately 50,000 baht or more. Simultaneously, we observe a significant growing trend of caring for pets like family members (Pet Parent). This is evidenced by the total KTC credit card spending in the hotel category growing by 25% in 2023. One strategy contributing to the growth in total hotel spending is allowing members who are fond of pets to bring their pets along during their stay (Pet Friendly Hotels). Provinces with hotels that permit pets and exhibit the highest spending growth include Chonburi, Nakhon Si Thammarat and Prachuap Khiri Khan respectively.
Meanwhile, KTC is aware of a significant growth trend in caring for pets like family members (Pet Parents). This is reflected in the amount of credit card spending in the pet category increasing by 12% in 2023, accounting for over 300,000 members who spent with a KTC credit card in the pet category from all members. Members aged 60 years and over have the highest proportion of spending on pets, reaching 20% of total spending in the pet category. Next is the group of members aged 30 to 35 years who spend 13% on pets. Both groups display a consistent amount of spending on pets.
Furthermore, the Department of Business under the Ministry of Commerce has forecasted that the pet market is estimated to reach a value of up to 66,784 million baht by 2026, which bodes well for businesses operating in the pet care sector. Recognizing this growth trajectory and trend, KTC is prepared to collaborate with partners to support the industry and cater to the needs of pet-loving members. This includes facilitating activities where members can involve their pets at any given time.
Ms. Sukanya Viriyathanaporn, Director of Sales and Marketing, The Standard Hua Hin, stated that statistics indicate that over the past decade, the birth rate in Thailand has witnessed a consistent decline, accompanied by a rise in the number of single individuals or families opting not to have children. Consequently, there has been a significant growth opportunity in the demand for pet-friendly establishments and activities in the country. This presents a great opportunity for the hospitality sector, particularly hotels, to expand their services to cater to pet enthusiasts. Many hotels are now recognizing this trend and are adapting their offerings to accommodate pet owners. This may include providing additional amenities such as designated play areas, pet relief zones, beds, and outdoor equipment. These services not only enhance convenience for pet owners but also serve as an additional revenue stream for hotels.
Mrs. Kwankaew Sirijinda Head of Asset Commercialization - Account Management, Central Pattana Public Company Limited, stated that nowadays, there is a growing demographic of consumers who own pets, leading to a flourishing pet business market. Department stores recognize this as an opportunity to broaden their market reach and provide more options for the Pet-Friendly community to enjoy life with their beloved companions. Aligned with Central Pattana's vision of fostering positive experiences for all and pioneering future-oriented spaces that enhance quality of life while prioritizing societal and environmental welfare, Central has been designed as a model shopping center by encouraging collaborations with business partners to create opportunities for families with four-legged members, particularly evident at Central Westville, where designated pet-friendly zones are integrated into dining establishments.Nawaporn Chounpreecha, DVM., MBA. Marketing Director and Customer Relation Management, Thonglor International Pet Hospital, remarked that according to Euromonitor International, Thailand's pet market has shown consistent growth, even amidst the challenges posed by COVID-19. By 2023, it is projected to reach a value of approximately 55,000 million baht. While dogs and cats remain the primary pets in Thailand, there is a noticeable increase in the popularity of cats, along with a rising interest in exotic and rare animals, known as Exotic Pets. This surge in pet ownership has prompted numerous businesses as well as pet hospitals to adapt and cater to the expanding pet demographic. Thonglor Animal Hospital expanded its a comprehensive range of services, including clinics, hotels, and products tailored to suit various lifestyles and evolving parenting styles. Notably, the hospital uses innovative approaches in product manufacturing, such as producing cat litter from cassava, a biodegradable material, which aligns with the preferences of modern cat owners, particularly those living in condominiums, who prioritize environmental sustainability.
Mr. Nattapol Angkavanich, Director of Business Development and Marketing Department, Dhipaya Insurance Public Company Limited, commented that pet insurance serves as a risk mitigation strategy for pet owners, given the current expenses associated with pet care ranging from approximately 5,000 baht to 20,000 baht. In the event of illness, these costs can escalate to hundreds of thousands of baht. Dhipaya Insurance Company offers pet insurance specifically tailored for dogs and cats, covering a range of expenses including veterinary medical care, third-party liabilities, pet funeral costs, compensation for pet death, vaccination expenses, advertising costs for lost pets, and fees for pet-sitting services when owners travel abroad. To be eligible for insurance coverage, dogs and cats must be between 3 months and 9 years old, in good health, and have a vaccination record.
Mrs. Pranaya concluded that KTC is fully committed to providing exclusive privileges and unforgettable experiences to members who treat their furry friends like part of their family members by Launching the "All About Pet" campaign. Members can enjoy up to 30% discounts from participating leading partners nationwide, including over 100 hotels and resorts, restaurants, shopping centers, pet stores, veterinary hospitals, insurance providers, and KTC also extends its support to the Home for Disabled Animals Foundation (under the patronage of Luang Ta Maha Bua Yannasampanno). We are confident that the significant spending through credit cards by our pet-loving members will contribute to the expansion of the total spending of credit card in 2024, meeting our targeted growth of 15%.
Remark: It is advisable for credit cardholders to use their cards responsibly and repay the full amount as scheduled to avoid incurring an annual interest rate of 16%.
Source: Krungthai Card