Young Chinese are more willing to spend on their pets than those from the older generation, with some dishing out as much as 115,000 yuan ($17,860) annually to ensure their companions lead a good life, according to the 2017 Youth Consumer Trends Data.

In addition, a 2015 report on China's pet economy by China Merchants Securities shows that people spent an average of 3,762 yuan per year on their pets. However, based on the 2016 White Paper of China's Pet Industry by Goumin.com, young pet owners - defined as those born in the 1980s and 1990s - spent an average of 500 yuan per month.

Xia Zi, who works as a public relations associate in a game company in Shanghai, spends even more than that. She estimated that the imported canned food she purchases for her two cats every month amounts to about 800 yuan. Other products she regularly buys include snacks, toys, mouthwash and powdered goat milk.

Cyanhill Capital attributes this phenomenon to the fact that today's young pet owners boast higher spending powers, with most of them earning a monthly salary of more than 10,000 yuan.

In her interview with CBNweekly, Xia revealed that what she spends on her pets every year is equivalent to four months of her housing rental. When asked why she insists on buying a variety of food for her cats, the 26-year-old said: "I don't think it's fair for my cats to eat the same food every day. They also deserve a change of flavors from time to time."

According to the report by China Merchants Securities, pet food accounts for 40 percent of total expenditure on pets, followed by healthcare (27 percent), pet accommodation (19 percent) and others (14 percent). The report also stated that unlike pet owners from the older generation, today's young owners are more inclined to treat their pets as their own children.

Xia is one such pet owner who fits this description.

"My cats are part of my family and because of that they deserve a life that is of the standard as mine," she said.

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