Inside the business of being single

Updated 2017-08-30 09:55:19 China Daily
A young moviegoer looks at a poster for the Chinese film Wolf Warriors II at a cinema in Fuyang, East China's Anhui province. (Wang Biao/for China Daily)

A young moviegoer looks at a poster for the Chinese film Wolf Warriors II at a cinema in Fuyang, East China's Anhui province. (Wang Biao/for China Daily)

This section of society has become a major economic presence, feeling more secure emotionally and financially with rising disposable income

They are still young, confident and single with money to spend on designer living and brand name products.

Internet shopping is part of their daily lives with door-to-door food deliveries. Online gaming and pets address their emotional needs, while eating out is more than a treat.

Up to 77 million adults live alone, an increase of 16 percent compared to 2012. By 2021, this number is expected to reach 92 million, data from marketing consultancy Euromonitor revealed.

Naturally, this market is now worth billions of dollars with online giant Alibaba Group Holding Ltd reporting that products targeting "singles only" jumped 5.6 times last year compared to 2015.

"A major trend involves products and services that are tailor-made for singles such as mini refrigerators, small-sized high-end retail stores providing imported goods, and smaller apartments," said Liao Tianshu, managing director of Boston Consulting Group Greater China.

Part of the reason behind this is the decision by affluent singles to marry later in life, especially in major metropolises.

In 2014, the average age of men getting married in Shanghai was around 30. For women, it was about 28, according to the Shanghai Civil Affairs Bureau.

This might have something to do with the fact that China's four biggest cities, Beijing, Shanghai, Guangzhou and Shenzhen, also have the highest divorce rates.

Research by the Boston Consulting Group showed that about 16 percent of the urban population in China live alone.

"The concept of being single is no longer negative, and it's natural for them to dine and travel by themselves," BCG stated in a report.

During the past two decades, they have also become wealthy and a key component of China's middle class.

Single holidays are booming, while food delivery services and restaurants have rolled out services to fit into their busy lifestyles.

To cater for this niche market, the Haidilao hot pot chain based in Sichuan province has come up with an innovative move at its 200 restaurants.

Fluffy toy bears sit next to single diners so they do not look so alone.

"Services provided by (outlets such as) Haidilao are tailored for single diners," said Neil Wang, president of consulting firm Frost & Sullivan in China.

"Other restaurant brands have also launched similar services, such as providing set meals and seating places for one person," he added.

Apart from the decision to push back plans to marry, singles appear more confident about their financial prospects and their emotional feelings.

Many have spent years in further education and that is starting to pay off, as far as their careers are concerned.

"The main reason for the increasing number of singles is because people are financially and emotionally feeling more secure on their own," said Alina Ma, senior research analyst at the global consultancy Mintel Group Ltd.

"Economic and social development contributes significantly in eliminating insecurity issues caused by the lack of a partner," she added.

A survey released by the World Economic Forum earlier this year underlined the point that today's singles are better off than the previous generation and are willing to spend.

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