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The Singles Market Market Assessment 2007
Key Note Publications Ltd, May 2007, Pages: 178
In Social Trends 36, National Statistics predict that single people aged over 65, particularly women, will continue to be a burgeoning consumer group over the outlook period (to 2021). As the UK is an aging population as a society, this is not wholly surprising. What is more exceptional, however, is the continuing growth in one-person households in the UK; the number of people in these households has doubled since 1971 and is set to rise by 53% over the next 20 years, according to Alliance & Leicester (in its Changing UK Household Market report, in conjunction with think tank Centre for Future Studies, published December 2006).
Many of these new households are in the 25 to 64 age groups, with the highest increases being among single men, due to them delaying the age of settling down and getting married. Women tend to get married or cohabit at a younger age and therefore the proportion of single men aged below 35 is higher than that of women in this category. After 35, there is more parity between the sexes.
Many young consumers choose to live alone as an aspirational life choice, before settling down with a chosen partner. These consumers may well be in the more affluent social and economic sectors of society and, in having money and no dependents, form an important target group for marketers. Their high levels of personal disposable income (PDI) propel them towards strong uptake of fast-moving consumer goods (FMCGs) and leisure products such as holidays and entertainment. Single status is non-elected for others. Financially, singles' position is more difficult and their choices are starker. According to National Statistics' Family Resources Survey 2004/2005, almost two-thirds of single parents have no savings at all; earnings are taken up by the high living costs of being alone and bringing up children. Income for single people, particularly those with children, has increased over the past decade through the Working Tax Credit system but it is not enough for the majority of them to feel secure in making future
investments. Almost half of single people without children, aged under 65; both men (49%) and women (47%) also have no savings.
Consumer confidence, not surprisingly, is lower among single people than among married couples. The other side of the coin, though, is that single consumers — including the divorced and separated — are also much more likely, through choice or otherwise, to spend rather than save. It would seem that divorce, or relationship breakdown, can bring with it attitudes towards personal finance that make single people needy targets for financial support and advice on investment. Analysis in this report suggests that a significant minority of single people (around a fifth) are buying into financial products. However, the pension gap still looms large and, for single people, this situation is even more potentially worrying.
Despite the financial hazards, single status shows no signs of being a disappearing trend. On the contrary, around two-thirds (66.4%) of all respondents to our consumer research for this report agreed that spending some time living alone was a good idea. Women as well as men subscribe to this view and younger middle-class women, in particular, are increasingly acting from a position of financial autonomy when it comes to relationships. There was also strong support for the view that being single has more advantages than disadvantages, at almost a third of respondents (32.4%). Divorced (55.1%) and single (45.7%) people were most in agreement and showed perhaps the deepest cynicism of any group towards relationships. They are more inclined to stay single but, on the other hand, also seem to have embraced the lifestyle well. They are active in using dating services as well as taking on new leisure activities to meet a partner. For many consumers, the notion of finding a life partner may be losing its currency. A
life spent with some time living alone, some time spent being married or in periods of cohabiting relationships is becoming much more accepted and normal. 52.1% of all respondents to our survey were still confident that they would find their perfect partner. So, despite some cynicism, romance is still alive and well. Internet dating is a growing trend and there are now a plethora of sites devoted to individual typologies and needs in terms of relationships. Online dating makes looking for a partner much more accessible for busy working people, particularly those of middle age. It also gives people the chance to build up an online relationship with a number of potential partners before taking the big step of going out on a date.
The gay lifestyle is also contributing to the culture of being single, and some of the most successful Internet dating sites are for gay men and women. Gay consumers, many of whom are single, are often role models in terms of the notion of `agelessness' — with people determined to stay young and focused on self-development and enjoying life well into old age. This is not necessarily the domain of only single people, but it can be inferred that `thinking' single, even within relationships, is increasingly informing the zeitgeist.
Holidays are another area in which consumers are beginning to think more independently. More people are going on holiday alone but, in general, consumers are getting more adventurous in terms of travel. There is much more differentiation in terms of branding among holiday companies — with specific brands targeted at older consumers: for example, the young single — and it is likely that this trend will grow. Child-free cruises are an area of exploration for one tour operator, but more packages for more independent-minded travellers (who are not necessarily single) may well develop over the outlook period (to 2021). `Eco holidays' and even more offerings for single parents may all add variety to the standard sun-and-sand holiday package offered. As with dating, the Internet is at the heart of these developments, offering more choice to consumers and opening up more competition among providers.
The future is mixed in terms of the economic outlook for single people. An increasing polarisation could become more marked over time: between young, affluent professional singles who will continue to have attractive choices in terms of consumer goods and leisure activities, and those who are forced into single status through circumstances. The latter group may continue to struggle, finding saving difficult and being unable to support their children through higher education. What is certain is that the number of one-person households will increase over the next 2 decades, and that there is an opportunity on the part of Government as well as industry, to make the best use of this resource.
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