Single status is increasingly becoming a norm in society and so the singles market is growing and changing rapidly.

Single status is increasingly becoming a norm in society just as marriage is no longer a dominant force among the majority of the population. The shifts in family formation have brought a number of changes to what being `single' means, not least to the negative status of being a spinster or bachelor — terms that are, significantly, no longer in common use. Shifts in the formation of relationships and families mean that it is increasingly hard to determine who is single and who is not. Singles remain, however, key spenders in markets for leisure services.

(PRWEB) September 21, 2003 --Research and Markets have announced the addition of "The Singles Market - Market Assessment 2003" report to their offering.

Single status is increasingly becoming a norm in society just as marriage is no longer a dominant force among the majority of the population. In 1971, a quarter of men (24%) and a fifth of women (19%) were single; this rose to around a third of men (34%) and a quarter of women (26%) in 2000. The main factors in this shift are the huge increase in the number of divorces, as well as the increase in cohabitation, which means that, in 2000, only just over a half of men (54%) and women (52%) were married.

The shifts in family formation have brought a number of changes to what being `single' means, not least to the negative status of being a spinster or bachelor — terms that are, significantly, no longer in common use. The decision to delay marriage and have children is the major contributory factor to the higher proportion of singles in their 20s and 30s. As a result, the proportion of those in the 25 to 44 age group who are single and living alone rose from 7% in 1991 to 12% in 2001.

Shifts in the formation of relationships and families mean that it is increasingly hard to determine who is single and who is not. The British Household Panel Survey has found that, from age 30 to 50, only around 15% of single people were `completely single' at any one time. The survey found that among those aged over 30, the notion of singleness is very much that of a temporary state between relationships. There is clearly a new category of `LATs' — those living apart `together', who count for around a third of all nominally `single people'. Singles should not, therefore, be identified as a homogenous group.

Setting up home is perhaps one of the most defining steps that adults make in their lives. However, it is becoming more and more difficult for single people to take this step alone. Single men aged under 45 are still nearly three times as likely to do so than single women. They often have more spending power than women and are even more likely than women to marry late. Data published by mortgage brokers Charcol and leading building societies show that, in London (and soon nationally), singles have become the biggest players on the housing market. However, they are finding home purchase more problematic as prices soar and they are tending to delay purchase until well into their 30s. In London, the under-25s now make up only 5% of buyers. In 1985, almost a third were in this age group. As a result of these difficulties, there has been a sharp rise in the number of single people clubbing together to buy a house or seeking help from family support.

Singles remain, however, key spenders in markets for leisure services. Households with children spend more of their income on items such as food and domestic appliances; couples with no children or single adults spend proportionately more on, for example, restaurant meals and holidays abroad.

Although the majority of singles do shop alone, they are just as likely as other adults to want to pursue other social activities when they shop.

Almost one in three (32%) of the young singles interviewed for our National Opinion Poll (NOP) survey tend to spend, rather than save, their money. The savings habit is not as widespread as it was, with four out of ten (41%) single adults aged under 24 expressing a preference to spend rather than save. Levels of affluence are clearly important here, with groups such as women more likely to have less money available to put by. Given this variation, it is perhaps surprising that young single women are slightly more likely to have bought a new financial product in the past 12 months. More affluent AB single adults are more likely than those in the C1C2DE groups to have purchased these kinds of products — indicating that marketers have a long way to go to successfully target less affluent adults. This contrast is even greater in the levels of confidence expressed among single adults in the pension cover they have. Our data also indicate that affluence alone is not the only determinant of patterns of seeking advice on financial matters. Marriage and other related events such as home purchase also lead to increased consultation of Independent Financial Advisers (IFAs). Singles are more keen on recognised outlets, such as their banks, as providers of information on financial products, or on informal sources, such as friends and family.

More young people remain single for longer than ever before and singles' lifestyles and attitudes to remaining single are altering at a rapid rate. In broad terms, being single is still viewed as a temporary state with some disadvantages. Women and the less affluent are more likely to see their single status positively. The majority of single people would like to meet a new partner in the next 5 years. The late 20s and early 30s are a critical period for people to find a partner. After this time, singles tend to be more relaxed about their marital status. Although few respondents (3%) admit to using dating services, use of Internet dating agencies in particular is on the increase. Our survey also shows widely diverging patterns of meeting new potential partners between the sexes. Men (10%), for example, are far more likely to either take up a new social activity or to seek entertainment outside the home than women (3%).

Our analysis of the market for singles holidays indicates that the sector remains underdeveloped to meet the demand from increasing numbers of single people. Despite the rise in holiday-taking and in the proportion of young adults who are single, the offer of mainstream holiday providers to single people remains limited. Independent holidays and low-cost airlines have provided a new flexibility which single people are making the most of, but more imaginative holiday offers by mainstream providers, particularly for younger, less affluent singles, remain underdeveloped. The holiday industry could take a lead from the recent success of gay holiday companies, which have consolidated and expanded a small market by offering tailor-made package holidays to their target audience.

The `in-between' status of singles, often affluent and overworked, has been the subject of many media treatments in recent years. Marketers and markets have been quick to identify singles as their most desired customers, particularly younger singles with high spends and disposable incomes, but there is clearly great potential for a more sophisticated approach in marketing. Singles represent a time-poor section of the community — whose main underlying preoccupation may be to find Mr. or Miss Right. Anita Roddick, the entrepreneur and founder of The Body Shop, criticised the travel industry recently in the Travel Trade Gazette for failing to create products which will be popular with young singles. `Any business which can tackle loneliness,' she said, `will have a billion pound turnover.' A similar challenge can also be said to exist for the financial sector to tackle the widespread `spend now' mentality of singles. However, in the long term, both leisure and financial markets will have to adapt to the reality that being single will be a conscious choice for an increasing number of adults. In this eventuality, more variation in lifestyles and markets will emerge, particularly for men and women in their late 30s and 40s. This variation will often occur along gender-specific lines.

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REPORT DATA SUMMARY:
The Singles Market - Market Assessment 2003
Category: Consumer & Personal
URL: www.researchandmarkets.com/reports/36345

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