The Solo Consumer
Across the world, singlehood is a growing trend. The Pew Research Center predicts that approximately 25% of American young adults will never marry and the percentage of one-person households in several major European cities has already crossed 50%.
Following this new reality, the world of shopping is changing radically. Businesses and marketing people are identifying singles as a potential up-and-coming market. Companies are starting to cater specifically to those living alone and a new type of economics is taking place. Dating and acquaintance services are already part of the market for a long time, but other services are quick to join. These new services do not aim to match people together but rather to let them feel fine with solo living.
Consumer expenditure reports reveal that singles spend higher proportions of their incomes on clothes, food, restaurants, leisure, and entertainment and that singles expenditures are increasing. Singles have also been found more tolerant of risk, less price-conscious, more brand-focused, and drawn to convenience when it comes to consumption and buying. The combination of these characteristics is expected to affect markets in the coming years in a fundamental way.