The nuclear family of bygone decades, the boomers, the spendthrifts of Gen-X, the more socially enlightened Gen-Ys and the digitally dependent millennials all step aside: singletons now rule the commercial roost!
As the term “family” has evolved, been adapted and changed, so have the constituents that were once parcelled into the above-mentioned archaic nomenclature.
No longer is the “single” individual a societal anomaly. Singletons are increasingly becoming the norm. They are a family of one and their wallets have a need of their own.
A recent study by Dr Roland Goldberg and his research team from the Faculty of Economic and Management Sciences at the North-West University (NWU) unequivocally proves that. The objective of the study was to conduct a lifestyle analysis of the singleton consumer segment in South Africa to allow marketers to devise effective marketing strategies that are aligned with the activities, interests and opinions of singletons.
According to their article, titled A lifestyle analysis of the Singletons consumer segment in South Africa, the number of single-person households is increasing across the globe. There are many factors contributing to this phenomenon, including higher divorce rates, the increase in work opportunities for women in the corporate sector, the breakdown of traditional households and opportunities for further education, career advancement and the need to be more financially flexible.
With more than seven million single-person households in England and Wales – with a projected growth of 70% by 2026 – and more than 50% of the United States’ population over the age of 18, singletons are a massive part of global consumer demographics. In addition, South Africa has been identified as one of the countries that have experienced significant growth in single-person households, with more than a quarter of the country’s population residing alone.
The results of the study by Goldberg and his team indicate that singletons have a moderately low level of fashion consciousness, while having moderately high levels of cost consciousness, health consciousness, recreation, e-shopping preferences and career orientation.
Marketers should therefore focus on the value of their products and downplay the price of the product if the product is expensive. Marketers should strive to convince singletons that their products are worthy of the price.
Incentives such as coupons to promote bargain buys to cost-sensitive singletons are a must. Marketers should also emphasise the health benefits of their products and services. Due to singletons’ moderately high levels of career orientation, marketers should pitch career-orientated events and functions like networking events and seminars.
Then there is e-shopping. Due to singletons’ preference for online purchases, marketers and organisations should ensure that their products and services targeted at singletons are only a few clicks of a button away.
In our binary world, “1” has never been more important to marketers. Zero is the alternative.
