This year marks the Year of the Dog in the Chinese zodiac and it's set to coincide with a boom in the pet industry. More and more people are looking to pets as companions and Chinese pet owners are sparing no expense for their furry companions.

By 2017, there were about 60 million pet owner families in China, and pet owners spent about 21 billion US dollars last year. The figure is expected to reach 30 billion US dollars by 2020. According to the 2016 White Paper on China's Pet Industry, young pet owners, defined as those born in the 1980s and 1990s, are the most active consumers, spending an average of 79 US dollars per month. Among the total spending on pets, pet food accounts for 40 percent, followed by healthcare, pet accommodation, and others.