Singles and LGBTQ+ community give ‘petconomy’ a big boost
A section of singles and LGBTQ+ are known for having high purchasing power. Single individuals having good incomes, also known as SINKs (single income, no kids), often spend on personal enjoyment such as food and travel. Single women aged 30 and above, or PANKs (professional aunt, no kids), have stable careers and do not want children.
These individuals tend to care for their nieces and nephews, family, and pets, or even raise pets as if they were their children.
Major Development, a pioneer in the "pet-friendly condo" market, reported that last year, pet-friendly condos grew by over 4,000%, with higher rental prices compared to regular condominiums.
It is expected that in the next two years, the pet market in Thailand will be valued at 66 billion baht, growing by 8.4%, increasing the demand for pet-friendly condos.
TGM Research found that over 58% of people worldwide consider pets as family members, with 46% having one pet.
In Thailand, the pet ownership rate is higher than average, with 45% of households owning one pet, 23% owning two pets, and 24% owning four or more pets.
Sriamphai Rattanamayoon, chief marketing officer of Sansiri Pcl, said that surveys of customers and residents showed a growing interest in pet-friendly functionalities. Recently, they have developed pet-friendly areas, choosing safe materials such as pet-supportive flooring, organic paint, scratch-resistant furniture fabrics, and non-toxic plants.
They have also designed common areas to support pet activities and development, creating beautiful yet functional living spaces that accommodate pets in projects like Saransiri Srinakarin-Praksa, targeting young families, small business owners, or working-age individuals (25-35 years) who enjoy having pets like dogs or cats.
"LGBTQ+ individuals have significant purchasing power, often achieving career success early with high incomes, thus facing no credit issues. With equal marriage rights, this group also faces no problems with joint loans, making them a high-purchasing-power demographic," said Sriamphai.
Recognising the lifestyle of “pet parents”, where modern individuals prefer pets over children and ensure a good quality of life for their pets, Sansiri has aggressively entered the pet-friendly real estate segment with the campaign “Sansiri Proud of Pawrents”. This includes residential and Pet Park designs in all price ranges from 1.2 million to over 30 million baht, across 22 projects (17 houses and townhomes, 5 condominiums), such as The Move Sukhumvit 107, Mekin House Chiang Mai, Pinn Pridi 20, The Standard Residence Hua Hin, and Via Ari. For the first time, they introduced the Home Service App to support pets.
LWS found that in 2023, three-quarters of those interested in buying condominiums considered pet-friendly projects a key factor. Most people believe that in the future if they decide to have pets, it won't cause any issues with their living situation or require them to move to a different residence.
Research by Mahidol University (CMMU) and The 1 Insight indicates that over 65% of Thais currently consider their pets as children or family members, 33% see them as companions, and 2% keep pets for emotional therapy, being able to afford 15,000 baht per year on pet expenses.
Peerapong Jaroon-ek, the CEO of Origin Property Pcl, said that in the first half of 2024, the company achieved 18.331 billion baht in sales from residential projects, with standout sales from pet-friendly condominiums under the Origin Pet Family concept, such as Origin Place Chaengwattana and Origin Place Tao Poon Interchange launched in the second quarter. This year, Origin is continuing to push into the pet-friendly condominium market.
"Presales of Origin's pet-friendly condos are growing 10% annually, aligning with the pet-related market expansion of 10-15% per year. This unique selling point makes pet-owning customers decide faster, allowing Origin to close sales 20% faster than regular condominiums," Peerapong said.
