BUSINESS 'Singles economy' to drive consumption, report says

BUSINESS

'Singles economy' to drive consumption, report says

China Daily

16:47, May 21, 2020

A resident takes a selfie in front of a mural on an old building in Chongqing on April 14. (Photo: China News Service)

The rising number of single people in China will spur new consumption and may become a major consumption power in the future, a recent report by Nielsen said.

The report came as concerted efforts were made to drive up domestic demand and boost consumption to support the post-COVID-19 economic recovery.

Nielsen released on Tuesday its Report on the Rising of China's Single Economy, which said as the number of single people continues to grow, their consumption power cannot be underestimated and will spur new consumption.

The report conducted an analysis of portraits and consumption behaviors of singles, with a goal to help brands and retailers better understand the Chinese consumption market and achieve precise marketing.

Justin Sargent, president of Nielsen China, said: "The 'single economy' is the awakening of single people's consumption awareness, which reflects their pursuit of a higher-quality life."

"As the single group continues to grow, the single economy will generate new opportunities for brands and retailers. To win the group, which has extremely strong purchasing power and great consumption potential, it is of vital importance to stay close to the lifestyle of singles, respond to their unique consumption needs and listen to their voices," Sargent said.

The Nielsen report found single people in China are more willing to purchase high-quality products.

In the next 12 months, 75 percent of the singles have plans to buy clothes, higher than the 65-percent of non-singles. About 35 percent of surveyed singles said they will buy quality clothes at a relatively high price, while only 25 percent of non-singles will make such a choice, according to the report.

In the upcoming year, about 41 percent of singles plan to purchase consumer electronics, higher than the 28 percent of non-singles. Half of singles are willing to buy products of high quality though the price is relatively high, while about 43 percent of non-single consumers made same choice.

The Nielsen report also shows single people are willing to pay to make their lives more convenient. About 52 percent of singles consume out of convenience and timesaving, higher than the 39-percent of non-singles.

Single people also have strong needs for company, which leads them to pay more for socializing and pets.

The report said 28 percent of singles spend their savings eating out, compared to 20 percent of non-singles. Twenty-six percent of singles are willing to pay for outdoor activities, higher than the 23 percent of non-singles.

Data from Nielsen also showed 57 percent of pet owners are not married yet.

Single people are big promoters of the "night economy". Eleven percent of singles usually engage in cultural and recreational activities from 11 in the evening to late night, compared with only 6 percent of non-singles.

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