‘Singles’, Asians and fewer children: radiography of future's consumer
The consumer market until 2030 will be dominated by single people, which will grow by 45% according to the Future of the Family report, prepared by Euromonitor.
More singles, but with less spending capacity. More couples without children and more single parents. This is the consumer that fashion industry will face in 2030, according to the Future of the Family report, done by Euromonitor.
The document points out that the type of consumer that will predominate in 2030 is the single costumer. This group will grow by 25%, until 2030. However, the households of single people will have a lower purchasing power than at present, and will be those that least increase their spending, going from 20,000 dollars to 25,000 dollars.
Within the singles group, Asian singles will be the ones increasing their spending until 2030, close to a 43% more, followed by the singles from Eastern Europe, who will increase their spending by 30% in the same period.
The report warns brands to focus on couples without children, since they have greater spending capacity
Latin American single people are also among the population groups that will increase their spending until 2030, with a growth of 22%, while their counterparts in Africa and the Middle East will increase their spending by 13%. The European, North American and Australian singles are the ones least increasing their spending until 2030, experiencing an increase of only 12%, 11.5% and 9%, respectively.
The document points out that, in emerging countries such as Bangladesh or India, where households formed by single people barely existed until now, it offers an opportunity for brands.
Couples without children will be the second largest social group in 2030, increasing by 22%. The report warns that this group will be the most attractive to put in the spotlight since this type of family unit will be the one most increasing its spending.
Singles from emerging countries like Bangladesh are an opportunity for brands
Single-parent households will be the third largest population group in 2030. According to Euromonitor, this type of households also have great appeal for brands because they enjoy greater helps and benefits from the State.
In parallel, couples with children will be the least usual type of family unit in 2030, experiencing a growth of only 8%. Despite this, families with children will increase their spending at home, reaching 30,000 dollars per year.
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