Millions of Singles, Billions at Stake [REPORT]

A new report by dynamic retail marketing agency TPN and market insights firm C+R Research finds that marketers continue to overlook or misrepresent a lucrative group: single adults, who now comprise half the U.S. population.

More than just power in numbers, today’s singles have incredible choices and control: they alone decide where to live, on what and where to spend their money and how to spend their time. The “Millions of Singles, Billions at Stake: The Rise of the New Independents” report busts myths and stereotypes to help brands and retailers understand, engage and celebrate the Household of One.

Why does this matter? The retail spending power in just one subset, 35 – 54 year old Singles, equals $567 billion. In context of the biggest shopping day of the year, that’s 11 “Black Fridays.” (Based on 2014 Black Friday sales of $50.9 billion.)

“Single adults are a chronic blind spot to many marketers,” said Sharon Love, TPN’s chief executive officer. “They may be missing the mark by not reflecting or respecting half the population, and we hope this research shines a light for brands and retailers to become thoughtful of New Independents, and reflect the changing make up of Households, Consumers, Shoppers and Influencers in their efforts.”

Power of One Growing in Numbers, Wealth and Buying Power  

In 2014, the Bureau of Labor Statistics reported that for the first time, there are more single adults in the U.S. than married ones — 124.6 million adults or 50.2 percent, a number that has been on the rise since 1960.

Inspired by this demographic and cultural shift, TPN and C+R studied 2,000 U.S. adults, 30-50 years old with $50,000+ income, and compared Singles to the General Population. Using the insights gathered from this subset of all single adults, TPN and C+R developed the white paper “Millions of Singles, Billions at Stake: The Rise of The New Independents” that shares not only the findings, but recommendations to help marketers understand, engage, respect and celebrate the Power of One—The rise of Singles, “The New Independents.”

“The study’s findings challenge conventional thinking about Singles — revealing how they see themselves, observing their shopping behavior, and measuring their spending power in order to redefine their role in an evolving marketplace,” said Dave Mastrofski, vice president, C+R Research.

TPN’s Key Takeaways for Marketers

•     Offer Inclusive Products & Messaging: Many brands position their products for families, whether via product design or in the messaging. Family plans and bulk packaging leave out this important group of single buyers — what can be created for the New Independents?
•     Innovate for the Household of One: It is projected that one in four millennials will remain single and that households of one will continue to grow. Right now, Chicago (36 percent), New York City (32 percent) and Los Angeles (28 percent) are leading single-occupancy housing1. TPN recommends creating products for smaller households, including portioned foods, individualized or re-sealable packaging, and delivering products in stylish, well-designed packaging.
•     Show Respect: New Independents are proud of their choices and single status. “Singles notice when they are not properly represented and will reward brands that reflect and respect their lifestyle choices,” said Love.
•     Don’t Just Facebook Them: Offer live experiences that encourage dialogues – create interpersonal engagement and interaction. New Independents enjoy connecting with others and experiencing life, and they have the time to do it.
•     Celebrate the Power of One: Regardless of income level, 23 percent of Singles said they have the financial freedom to do whatever they want with their money compared to just 13 percent of married respondents. Help Singles celebrate their choices, especially during the holiday season.

To download report CLICK HERE.