Writer: Nuttawut Kulkaew

Editor: Wittaya Wonglor

Living alone is on the rise in the United States, Europe, and Asia. Urbanization and human longevity are driving factors. Rising financial burdens amid global recession, environmental crisis, political turmoil, and high crime are changing society’s view of singles. People of all genders must make a living and be self-reliant. People are more likely to be single through their decisions or circumstances. Being alone is more normal and there’s less pressure to marry.

Economic factors are most crucial. Gen Y and younger realize that economic hardship affects relationships and quality of life. They fear not being able to live with their partner because of differences in socioeconomic status or the unaffordable costs of a conventionally perfect family. The survey also found that divorce rates are rising globally, while many young and middle-aged people in many countries choose to be single and live alone. In South Korea, for example, 50% of people lived alone in 2021. In China, pet adoption rates have doubled in five years because more single people need interaction with other living beings. A survey in the United States found that 92% of women aged 25 to 34 are unmarried. Research in Thailand is also congruent with the "Professional Aunt, No Kids" or "PANKs" among Generation Y women aged 24-40 who are highly educated and have high incomes but choose to remain single. The report also found these women earn more than women with families.

These trends show that individuals and society should begin preparing for single living. Based on the principles of well-being in all 8 dimensions, the preparation for being single can be put into 3 groups as follows:

1. Emotional, Society, Environmental, and Spiritual Well-Being

The living environment will become an essential factor in single-life decisions. Being alone from a working age until the end of life requires planning. Trends in the wellness real estate industry have emerged in recent years, from home design to vacation destinations. Individuals need to plan how they choose to live at each stage of life to the end, such as whether to hire a private nurse or how to add amenities to the home or decide whether to live in shared accommodation.

Research suggests that being single is not associated with loneliness or feelings of social isolation. But interpersonal interaction is also essential to mental, emotional, and social well-being. Having a good social group and sharing stories and feelings can help seniors live longer, happier lives with age-appropriate recreational activities, such as meditation, which significantly improve common conditions in older adults such as depression (10-15% of older adults), insomnia (up to 50%), and Alzheimer's (up to 25%).

2. Physical and Financial Well-Being

Planning is vital for living alone for life. Taking care of the body and mind requires a medical health check every 6 months to a year. A concise and adjustable financial plan should be divided by the period from the beginning of work, working age, retirement in the first 3 years, 4th-10th years, from the 11th year. There are also different types of insurance and other risk management. It is also essential to have a plan for managing one’s assets. Good health and a financial advisor will make planning easier. Both human and artificial intelligence (AI) specialist services can help assess physical potential and manage assets effectively. Technology in anti-aging medicine, nanomedicine, holistic and personalized health care, genomic medicine, and health assessment will play an even more significant role in planning a person's life.

With the step into an aging society and changing social perspectives, products and services will emerge for singles who live alone, such as dining tables or karaoke rooms. Consumers must decide whether such products or services are worth the cost.

Implications for the future:

- The solo economy, especially in the middle class and above, will be a business opportunity, especially in affordable luxury goods and products, because it creates a unique experience of being cared for by producers and service providers, even if the customer is alone and unmarried.

- Governments will prepare welfare systems and policies for older city residents who live alone in terms of healthcare, medical treatment, community engagement, and career support.

- Real estate and housing businesses need to find new business models to attract consumers who live alone with limited wealth.

- Product manufacturers and service providers need to closely monitor consumer behavior to see how values will change. Will consumers continue to be single and alone? Or will there be a return to find love and live and live with others? Because these life values ​​will definitely affect consumer behavior.

Reference:

- The rise of the ‘solo economy’ is driving new consumption patterns https://www.futuresplatform.com/blog/solo-economy-new-consumption-patterns

- The Age of Singlehood https://www.psychologytoday.com/intl/blog/happy-singlehood/202204/the-age-singlehood

- The Single-Person Economy https://saylordotorg.github.io/text_macroeconomics-theory-through-applications/s10-01-the-single-person-economy.html

- Going Solo: An Analysis of China’s ‘Single Economy’ through the Date-renting Industry https://doi.org/10.1080/10357823.2021.1929068

- Going it alone: The rise of Asia's solo economy https://www.mckinsey.com/mgi/overview/in-the-news/going-it-alone-the-rise-of-asias-solo-economy

- รู้จัก HENRYs, SINKs, DINKs, PANKs คืออะไร เราเป็นใครในกลุ่มนี้ https://www.scb.co.th/th/personal-banking/stories/life-style/henrys-sinks-dinks-panks.html#

- เทคนิคบริหารเงิน เมื่อเป็นโสดตลอดชีวิต https://www.scb.co.th/th/personal-banking/stories/retirement-plan/single-person-financial-plan.html

- Why could meditation practice help promote mental health and well-being in aging? https://alzres.biomedcentral.com/articles/10.1186/s13195-018-0388-5

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