The rise of the single economy? Maybe it will drive these industries

Single-person households and small households (2-3 people) in the six Southeast Asian countries account for half of the region, and this trend is growing at a rapid rate of 2.4% per year. This phenomenon not only changed the family structure, but also had a profound impact on the consumer market.

Compared with people with families, the consumption behavior of single groups shows stronger consumption ability and willingness. This is mainly because single people generally do not need to think about issues such as household consumption and children’s education. This consumption power is not only reflected in daily necessities, but also involves many aspects such as entertainment, tourism, and health.

As the single population increases, specific marketing scenarios for the single population will also continue to emerge, providing more market opportunities for the brand side. It is foreseeable that in 2023, with the rise of the single economy, users will have more and more consumption scenarios. Brands and businesses need to pay attention to this trend and develop marketing strategies based on the needs and characteristics of singles.

Consumers in Southeast Asia are more focused on personalization and are willing to spend more on experience. Therefore, products that please the self, short-term pleasure, and instant gratification are more popular in the market. On the other hand, singles also focus on self-development driven by a “sense of accomplishment” to become a better version of themselves. So they are willing to invest in personal health products. This also provides more market opportunities for health products.

As the single group with the pursuit of high quality, high consumption and self-pleasing nature has become the main consumer group, “a person should also live exquisite” is evolving into a general trend. People living alone have a higher pursuit of quality of life, and the market segment is developing vigorously. Such as a one-person rice cooker, automatic cooking machine, wall breaking machine and other home appliances have been unprecedented welcome, and the demand for household appliances that look like there is a taste and texture has grown rapidly. To housework life is also becoming more and more popular, sweeping robots, dishwashers, dryers are the “new housework freedom” of young people living alone.

In addition, pets are an important companion for single people. Pet owners pay more attention to emotional communication with pets, interactive snacks and toys are more abundant, and emotional consumption is greatly improved. Pet industry chain from pet feeding, pet food supplies to medical, beauty, training has gradually become a huge industry chain.