In the future, all countries will see a “super single society” — represented by young people who never marry and old people who become single again after being widowed or widowed, Kazuhisa Arakawa, a researcher at Hakuhodo, one of Japan’s largest advertising agencies, told CNBC.
Being single is a delicious "piece of cake" that the market is hunting for.
The world is witnessing the rise of an independent, self-sufficient generation. The number of people living alone has skyrocketed in recent years, creating a global "single revolution". As of 2019, the world had more than 300 million people living alone, an increase of 80% compared to nearly 2 decades ago. A huge market with great purchasing power has been and is being formed.
A series of restaurants for singles in Japan
In the past, the single life was mainly a phenomenon in developed countries, where the responsibility of pursuing financial stability in an aging economy gradually became a burden. However, this trend is shifting, especially in Asia, with rapid economic development, a growing class of independent, high-income young people, creating a new and potential consumer market. A new class is gradually taking shape: young, but with money and preferring to live alone.
Convenience stores are the brightest spot in Asia’s growing solo economy. They sell takeaway food and drinks in single-serving portions, making them the obvious choice for solo consumers.
The single economy is becoming an emerging trend in many Asian countries.
Paul Chang, associate professor of sociology at Harvard University, explains that Asian societies in general are moving away from the herd mentality and toward individual happiness. This has created economic growth driven by individual consumption. “The proportion of single-person households has grown so large that it has become a significant part of the market,” he says.
From one-person coffee makers to giant toilet paper rolls for those who don't have enough space to store 24 large rolls at home, a host of new products and services are popping up to make living alone more convenient and enjoyable.
Exploiting the needs of people living alone is gradually becoming the main development direction of many businesses.
The hospitality and entertainment industry is witnessing a revolution to cater to the growing needs of singles. From fine dining restaurants with private nooks to online hotel booking apps, everything is designed to create unique and personalized experiences for singles. This is not just a trend, but a fundamental change in the way businesses approach customers.
The singles market could change the economy
As markets reach saturation point, the single-person household segment is emerging as the main driver of consumption, according to a joint report by Meta Platforms, Bain & Company and DSG Consumer Partners.
The report concludes that to drive growth in Southeast Asia, businesses need to focus on consumers, develop business models and consumer engagement, and adopt disruptive thinking and innovation.
Many reports say that living alone is becoming a "phenomenon" today.
Previously, the UK market research company YouGov also conducted a survey of 2,500 consumers in the GenZ group (born from 1997 to 2012) and millennials (born from 1981 to 1996) aged 18-40 in Indonesia, Malaysia, the Philippines, Thailand and Vietnam. Accordingly, young consumers in Southeast Asia do not have the need to date or get married, instead they mainly use mobile phones for entertainment. 80% of respondents said they bought phones to watch videos and 60% said they played games on their phones. More than half of the survey participants shared that they shop online several times a week.
Digital life has completely transformed the way Southeast Asia’s young generation consumes and entertains themselves. According to a YouGov survey of 2,500 GenZ (born between 1997 and 2012) and millennial (born between 1981 and 1996) consumers aged 18-40 in Indonesia, Malaysia, the Philippines, Thailand and Vietnam, smartphones have become central to their lives, with 80% of young people using them to watch videos and 60% spending time on games. This clearly shows a shift from traditional social activities to online activities, where young people can easily find entertainment and connection.
The rise of the "single economy"
“2024 is expected to be a completely different story. Looking ahead, Southeast Asia continues to be a promising market for smartphone makers, retailers and food companies thanks to its expanding middle class and young population, along with the trend of enjoying the single life,” said Canalys analyst Sheng Win Chow.
Digital life has completely changed the way we consume. What was once considered a “luxury” has become a “necessity”, and the line between “need” and “want” is increasingly blurred. Social media is not just a place to connect but an integral part of daily life, while home entertainment and personalized experiences are increasingly prioritized.
