The number of unmarried people in China has kept increasing over the past few years, prompting businesses to create targeted consumption models to appeal to single consumers in the country.
According to China Daily, the key sectors that are starting to create specialized products for single consumers are those in the service and retail sectors including food segments gadgets, and self-pleasing goods manufacturing segments such as candle-making.
A recent report by securities brokerage firm Guojin Securities indicated that singles are more willing to pay for convenient activities, products, and services. For example, this consumer group loves ordering takeouts for dinner and dropping by convenience shops.
The report also revealed that most single consumers have a consumption mindset that focuses on doing the things that will please them. For instance, they spend money on activities where they can capitalize on their free time such as private tutorials and new experiences.
The numbers are proof that China's singles consumer group is re-shaping the way entrepreneurs plan their business models. In 2017 alone, food delivery platform Meituan-Dianping recorded takeout orders from single people on the network.
Online games and pets are also a big thing for many single consumers in the country. For some singles, pets are a great companion that provide emotional connections, while others spend money on virtual gifts within online games to meet new friends.
As for other aspects of lifestyle, the singles economy has seen significant growth in the home appliances sector. Cao Jie, who works for Alibaba's client communications department, said single consumers are fond of mini home appliances and devices.
Cao revealed that due to the increasing demand for mini home appliances from single consumers, more and more brands have invested in more detailed and smaller packaging to attract this consumer group.
Business experts noted that there are multiple opportunities for business-minded people who want to target singles in China. The trend of food companies catering to single consumers is on the rise, and small apartments for single people are also increasing in the market.
There is a group of white-collar employees with good and stable jobs who are choosing to stay single. The biggest percentage is among women in urban areas who are well-educated and trained to be in the corporate sector.
Earlier this month, Alibaba proved its dominance in China's e-commerce market with the success of its 11:11 or "Singles' Day' event. According to Forbes, the company recorded sales of $38.4 billion during the 24-hour shopping festival.
The Singles' Day event is an annual shopping festival that China's online retail leader holds to celebrate the choice of single people around the country to stay unmarried. It is one of the biggest shopping sprees around the world and is a show of vibrant Chinese consumption.
