As the number of single people continues to grow, their consumption power cannot be underestimated and will spur new consumption, according to a report recently released by global measurement and data analytics company Nielsen.

Justin Sargent, president of Nielsen China, said that the ‘single economy’ is the awakening of single people’s consumption awareness, and reflects their pursuit of a higher quality life.

Data from China’s Ministry of Civil Affairs showed that since 2014, the marriage rate in the country has been on the decline, while the number of single people has been climbing.

The report showed that only about one percent of single people are under pressure to care of their families and educate their children, so they show a stronger willingness to consume.

Compared with those who are in a relationship, single people’s motivation for consumption is basically aimed at meeting their own requirements. They have more freedom to make spending plans based on their own needs, so in terms of investment wealth management and risk awareness, 40 percent of single people said they have not purchased any financial products, far exceeding the 22 percent of non-singles who have done so.

Being single is an attitude, but the group also has an emotional appeal. The report showed that in the upcoming year, 31 percent of single people will still choose to lead a single life, while 59 percent of them said if they meet the right person, they will enter into a relationship with them. Only 10 percent of them are eager to be in a relationship as soon as possible.

As single people spend to please themselves, they are more willing to purchase high-quality products and to bring more convenience into their lives. 97 percent of singles will shop online and 62 percent of them prefer to order take-outs through online platforms.

The report also showed that single people are more focused on investing in themselves. In the coming year, 22 percent of singles said they expect to spend more time reading, 18 percent learning new skills, and 17 percent fostering new interests. The figures are higher than those for non-singles.

There are also more “night owls” among single people. Eleven percent of them usually take part in cultural and recreational activities from 11 o'clock in the evening to late at night, compared with only 6 percent of non-singles.

Data released by China’s Ministry of Commerce in 2019 showed that 60 percent of China's consumption occurs at night, making the night economy a new driver of growth.

“The single economy will generate new opportunities for brands and retailers. “To win the group, which has extremely strong purchasing power and great consumption potential, it is of vital importance to stay close to the lifestyle of singles, respond to their unique consumption needs and listen to their voices,” said Sargent.