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December 03, If the growing population of single adults isn't in your sights, you could be missing out a target market that's right up your alley. Find out what this audience is seeking. Are you missing out on one of the hottest markets in the U. The of single people in America is on the rise, and small businesses that recognize the business opportunities this growing group represents could earn lasting loyalty. The fact is, for the first time since the government started keeping these statistics, more than half of all adult Americans about million people are single, according to Small Business Labs part of Emergent Research.
While many are divorced or widowed, the of U. So why are singles such a hot market? That means they have much more disposable income, plus the time and freedom to spend it the way they please. Bloomberg Businessweek says singles especially younger ones are more likely to rent than own homes.
Quality furniture that fits in smaller apartments, storage concepts to maximize small spaces or home decor items that are easy to install, remove and take to your next apartment are all hot concepts. In15 percent of summer travelers in the U. More food manufacturers and retailers are offering single-serving or smaller-sized products.
Restaurants are moving singles away from the dark corner table and toward communal tables or bar areas where they can chat with other guests. JWT says singles are lavishing their love, time and money on pets instead of. Ownership of small dogs is rising among women in their 20s and 30s, for example. Just about anything you can sell for kids—from strollers and clothes to day care and health food—you can sell for pets. Online dating sites or offline matchmaking services are a growth area for this group.
The key is finding a niche. Singles, young and old, want to meet new friends for activities, so consider a companionship matchmaking service focused on shared interests. Singles are young, white urban hipsters, older African-American divorcees and everything in between.
Forget the spinster image: Today, being single is likely a matter of choice. Never make singles feel their status is temporary, less-than or something to hide. Focus on females. With more money, more prospects and a relatively new sense of freedom to do what they want, single women young and old are a more lucrative market than single men. Will this cut back on the single surge? So figure out what you can do to attract this growing—and lucrative—market, and you'll see your business grow.
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Payment Solutions. International Payments. Business Class. Summary If the growing population of single adults isn't in your sights, you could be missing out a target market that's right up your alley. According to a JWT reportthe economy has caused many millennials to postpone marriage. Peter Pan syndrome. The average age of a first marriage is now five years older than it was in Female independence.
As more and more women surpass men financially and professionally, fewer young women see a need to get married. Silver uncouplings. The U. And many boomer working women are financially free to leave their husbands. Identifying the Opportunities So why are singles such a hot market? Here are a few opportunities singles present: Home.
Photo: Getty Images. Want to Dig Deeper?Marketing to single young adults
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