Singles don’t want to mingle, they want to consume
Business & Technology
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As more and more Chinese wait to get married and divorce at higher rates, the singles economy is booming:
- 50% of under-30s and 60% of 80-year-olds are single, according to a national survey in 2015.
- Singles are the main players in the take-out economy, accounting for up to 45% of orders. Nearly two-thirds say they get delivery because they “don’t feel like going out.”
The context: China isn’t unique: Over 50% of American adults are single, compared to just 22% in 1950. In some European countries, like Latvia, the proportion of singles rose from just 25% in 2010 to 35% in 2017.
- Singles shell out more than married people on average: Total household consumption of married couples and families is about 15,000 yuan ($2,300) per capita each year, whereas singles spend 28,000 yuan ($4,400), according to 2017 data.
- Singles save very little of what they earn: The per capita consumption to income ratio is 78% for couples and families but 98% for single people, the same survey found. That means singles, on average, spend almost all their monthly income!
What’s next: More singles = lower birth rates and an aging society. Despite singles’ higher consumption rates, that’s a recipe for an economic slowdown.
