The Rise of Single Person Households

SERIWorld.org The Rise of Single Person Households Ahn Shin-Hyun Research Fellow, Samsung Economic Research Institute Growing Number of Single Person Households (SPH) Four Consumer Trends among SPH 13% of all Households Worldwide in 2011 I SPH by Country (2011) I Compact housing with built in furniture and appliances Supply of small housing increased 40% in Korea (2011) Sweden I Small but functional appliances 47.1 France 34.3 Panasonic Petit Drum washing machine increased sales by 30% Britain 34.2 I Food and lifestyle products for singles Kikkoman Small sized soy sauce bottles that can be finished in Japan 31.5 US 27.6 Source: Euromonitor International one month Korea has the Fastest Rate of Growth for Singles I Growth in SPH in Korea 588 I Maximum use of small space (10,000 households) I Retort bagged food for single meals The retort bag market grew 37.5% from 2008-2011 436 102 415 319 226 164 2020 (estimated) 1990 1995 2000 2005 2010 2011 I Security for women and seniors Duskin "Home Instead" accompanies seniors to hospitals and Source: Statistics Korea on trips Singles Will Increase Their Share of the Economy I Financial products that provide a “monthly salary" I Average Monthly Expenditures per Person (2011, 10,000 won) I Products for self development I Foreign languages, adult education etc. will grow Developing products for singles can be a new business opportunity Education expenses for women in their 20s and 30s 95 73 SPH 19.3 Households of two or more SPH Two or more 10.8 Source: Statistics Korea Source: Statistics Korea Copyright © Samsung Economic Research Institute. All rights reserved. Self Management Small Efficiency Safety 4)