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Home >> Business >> Article
‘Single economy’ reshapes China market
By:Wu Qiong  |  From:english.eastday.com  |  2019-10-12 08:41

Two market segments seem to be outpacing the others in mainland China, reports the Asia Times.

The two segments are individualized small home appliances and restaurants for single diners.

According to industry insiders, the rise of the “single economy” results from the increasing number of single people and their growing demands for certain products and services. Those consumers, as it is said, tend to pay more attention to appearance and quality.

Taking advantage of this, some e-commerce platforms have launched a range of categories for singles, such as foldable water bottles (with a capacity of only 0.6L) and mini rice cookers (with a diameter of 20cm). The goods look exquisite, cute, easy to use and can save space.

For example, the sales volume of a mini rice cooker (with a capacity of 1.6L) on an online shopping site reached 10,000 in September alone. A wide variety of soup and porridge options are available, so many consumers think that it is an optimum choice for singles.

Aside from mini cookers, mini washing machines and clothes dryers are also selling well.

“The takeoff of small household appliances indicates that the ‘single economy’ is booming. Nowadays, many adults live alone, some of whom are couples who live in different cities. They pursue a high-quality lifestyle. With a small size and a fine appearance, the appliances cater to those people’s needs, a proof that single people are also enjoying their lives,” said Pu Zhengning, Dean of the School of Economics and Management of Southeast University.

When they do not cook at home, single people may order food deliveries or eat outside. To meet this trend, some barbecue and hot pot restaurants in mainland China came up with the idea of small pots exclusively for singles who can enjoy the dishes alone in a designated area. Most of those restaurants get positive feedback.

In some places, some retailers have begun to sell small packets of rice and red wine.

The trend of the single economy, with the rise of the single population and the change in people’s thinking, will become ever more prominent. In fact, according to Prof. Pu, single people’s consumption has been quite mature in developed countries such as Japan for some time.

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