Lazy Single Economy
ARTICLES | Mar 14, 2024
The world population is set to hit 9.7 billion by 2050. But in the medium term, such as 2037, the birth rate will have dropped in middle-income countries. Generation X and Baby Boomers are living longer and now hold senior and executive positions. Generation Y and Z have little room to grow. They grew up in recession and are also more likely to be single, depressed, lonely, and burnt out.
The Great Resignation saw employees worldwide quit to boost their mental health during the pandemic, even without a job to go to. During the Lying Flat phenomenon Chinese workers took a work break to stay at home in 2021. We’re now experiencing the Quiet Quitting phenomenon. Young professionals, especially Generation Z, complete their tasks but no longer put in extra work, focusing instead on their personal life and leisure.
These social phenomena are expected to continue with an ongoing economic impact. The single economy in China is projected to grow threefold in 2019-40, amid a global shift bringing loneliness and new consumer behavior.
The shifts also bring an exciting business opportunity, especially in technology to facilitate life, whether dining, tourism, travel, or leisure and entertainment. Out of the 100 global startups, 34 cater to the lazy market, such as shipping, booking, online shopping, home cleaning, streaming, entertainment, dating applications. Businesses meet all needs and deliver directly to consumers without wasting time. When living alone, people will also consume more entertainment media.
A report in Japan found that single-person households consume 1.5 to 3.5 times more online content than homes with two or more people, including videos, music, and e-books. 97% of singles shop online. 62% said that key opinion leaders (KOL) influence their online shopping. According to experts, the single and lazy economy may develop into the pursuit of luxury. But luxury products and services must be functional and personalized to individual needs.
Implications for the future:
- Being single and living alone prompts women to travel and take adventure trips alone. The SHEconomy will grow even more when travel resumes by 2024. Infrastructure and attractions need to be improved to support this group such as with safe accommodation and travel.
- Online dating and sexual entertainment businesses will continue to grow. But there is a need for strict social surveillance of inappropriate content on platforms.
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