Li Foluo (www.pedaily.cn):
Some analysts say that single adults have a negative influence on economic growth. They claim that single people don’t work as hard or spend as much as married people do.
In reality, many of China’s single people are white-collars with a middle income in big cities like Beijing, Shanghai and Shenzhen. According to a report issued by Beijing-based CITIC Securities, 10 percent of the country’s single adults boast monthly disposable incomes of more than 8,000 yuan ($1,226). Among them, around 7 percent of single women have an annual income of more than 200,000 yuan ($30,649).
Some say that they spend less than married people. Indeed, singletons eat in restaurants or go shopping less than married ones, but this does not mean they don’t spend money. They tend to buy things online and order take-out food.
Companies have responded to the trend, which mirrors the demographic shifts already experienced by China’s East Asian neighbors like South Korea and Japan. Japanese chain Muji has introduced smaller rice cookers, ovens and kettles to meet the market need.
The singles’ market actually has provided great commercial opportunities for many sectors. Investors believe they can make big money by investing in two areas: helping to make single people live a more enjoyable life; and helping them to find spouses.
Moreover, single people are usually generous to themselves. Their demand for eating and having fun has contributed to the boom of new industrial chains.
Most single people think cooking will take up too much time. They prefer to order meals online. China’s take-out business has witnessed sharp growth. Meituan-Dianping, a restaurant review and food delivery company, said that there is a growing demand for ordering fast food via smart phones and 65 percent of its orders came from unmarried customers.
Furthermore, according to statistics from online travel agency Ctrip, single passenger travel has grown from 8.3 percent in 2014 to 15 percent in 2016, and 60 percent of the travelers are female. Tourism agencies have developed a series of travel services targeted at the group of single people.
When this group ages, their nursing and medical care needs will also bring great business opportunities.