Do singles have more spending power?
JWTIntelligence introduces The Single Age, a new report exploring the shifting habits and expectations of a growing global and multi-generational cohort of single consumers; the cultural groundswell reframing single people as they really are—confident, fulfilled and empowered; and the implications for brands and marketers.
Single spenders relish their financial freedom, saying it empowers them and gives them confidence. This is reflected in their spending habits, with singles spending to treat themselves more than those in relationships.
According to findings from a survey of 3,000 respondents across the US, UK and China commissioned by SONAR™, Wunderman Thompson’s proprietary research tool, over 80% of American singles enjoy the fact that they can make all of their own financial decisions because they’re single, and over 85% agree that making their own financial decisions is empowering. “Do I have more freedom when it comes to spending money? Absolutely, yes. I can spend it on what I want, when I want, with whom I want,” says Ageless Single case study Joe Staton. “I’ve got absolute freedom, absolute discretion to spend my money; I’ve earned it, I will spend it.”
But there is still a disconnect between singles’ spending power and how brands are approaching singles. Midult Single case study Glynnis MacNicol, author of the 2018 memoir on singlehood No One Tells You This, thinks the growing cohort of single spenders presents a huge opportunity for brands: “If I was in the financial arena, I would be looking to create what people like me need. Single finances seem to be an untapped market that has so many benefits.” How can brands tap into this independent and financially liberated consumer group?
In the video below, produced as part of The Innovation Group’s deep dive into The Single Age, single interviewees discuss how their relationship status impacts their financial habits.
The report includes analysis of 18 trends across the US and Asia, 10 case studies profiling single consumers in the US, the UK and Asia, and original data commissioned by SONAR™, Wunderman Thompson’s proprietary research tool. The survey included 1,000 US, 1,000 UK and 1,000 Chinese consumers aged 18 and older.
For full analysis, download the report here.
Video editor: Pauline den Hartog Jager
Main image courtesy of Launderapp