Loneliness Economy Grows in Asia Driven by Preferences of Single Individuals
Across Asia, the trend of young populations moving away from traditional values such as marriage and having children to choose single life is bringing about a multi-billion-dollar new consumer market.
With an increasing number of young people in Asia choosing to live single, childless, and alone, a new consumer market called the singles economy or loneliness economy is emerging.
Shift in Traditional Values
In many Asian countries, traditional values such as marriage, having children, and homeownership are losing their appeal while housing and education costs rise and birth rates decline.
Spending on Personal Needs
With the increase in single-person households, more money is starting to be spent on personal needs such as travel, dining, entertainment, education, and pet care.
New Sectors and Services
While innovative services such as mini karaoke booths and companion rental emerge in China, the single individuals' economy is expected to surpass 1 trillion dollars by 2025.
Care in Old Age and the Silver Economy
While young people view single life as a form of freedom, falling birth rates and rising life expectancy bring the issue of old age care to the forefront, and the silver economy is being developed within this scope.