What Opportunities can be Seized under China’s being Single
Today, the single population in China is around 200 million which equals to the total population of Russia and the UK. There are approximately 20 million young people who are 20 to 39 years old are being single. They are unaware the fact that they are making impact on Chinese consumer market which is an issue that every international brand in China has to pay attention to.
There are three causes for the trend: the persistent preference for boys in Chinese culture which broke the balance of sex ratio, the economic independence of Chinese females, and the change of concept —people in China are becoming more tolerant and acceptable for being single or getting divorced.
Booming “Single Economy”
Since there are less family responsibilities, the singles tend to pay more attention to their own well-beings. Normally they make money only for themselves. As biases no longer exist in normal life, life of the single become more colorful and abundant: dining out alone, and play alone. The so called “single economy” has already penetrated into every field of life. Insightful enterprises are poised to seize the opportunities.
（Picture From: Xinhua）
Nowadays, single people have stronger willingness to buy as they have upgraded buying power. Let’s take tourism for example, the per capita consumption of single youth is 14% more than that of the married. In order to capture the single customers from China, some dealers in countries like Japan and Korea tailor-designed smaller-size rice cookers, ovens, and kettles for them. Take-out food industry also benefits from single economy. It is demonstrated by data that sales surged 44% last year. Some claimed that 65% of take-out orders are from unmarried customers and fast food is what they prefer. “Single people are our most important customers.” said a business owner. In financial area, the single tend to choose investment insurances and financial products.
The Other Side of ‘’Single Economy”
However, some experts have pointed out that “single economy” may not always bring positive effects on economy. Compare with their married peers, the single has less family responsibilities which gradually develop into a care-free attitude toward life, and they will have less momentum for work.
For instance, the high unmarried ratio in Japan has already brought negative impacts. More and more young people are trying to avoid family responsibilities by not getting married. Some of them thought they only need to feed themselves, they didn’t want to undertake the pressure of pursuing a better life for their family.
Nevertheless, for most of the international brands, adapting themselves to the “single trend” is still a mission imperative in China.