Target Singletons and Older People, Say Studies

Marketers should target single adults - a group set to make up 45% of the UK population by 2010, according to Singledom, a new research study from Carat. Meanwhile, a study from Deloitte & Touche USA advises retailers to meet the needs of another growing group - older consumers.

Deloitte & Touche's Ageing Consumers Research
The report, Wealth with Wisdom: Understanding the Needs of Ageing Consumers, is based on a survey of consumers aged 45 to 74. This is a group with huge spending power: in the US, people aged 50+ spend an estimated $1.7 trillion on goods and services each year, accounting for almost half of total consumer spending. And the older population is growing: Deloitte predicts that the number of people worldwide aged 60+ will quadruple by 2050.

The report states that biological, social, economic and psychological changes affect nearly all consumers and their shopping habits as they age. However, it concludes that older people form a diverse group, with lifestyles having as much impact as age on shopping behaviour.

The study identified groups of consumers with similar characteristics and attitudes to shopping. These are as follows (consumers may fall into more than one group):

• Physically Failing. Those who said they are worse off physically than their parents were at the same age. Surprisingly, most of them are in the youngest third of the survey population (45-54). This group is concerned about accessibility, shopping carts and seating in stores and malls. They represent 15% of the survey population.
• Mall Maniacs. This group, about one third of the population, prefers the mall for clothing purchases. They are often more critical about the shopping experience than other groups.
• CLAPPERS. Children Living at Parents' Place. Members of this group - a quarter of the survey population - tend to have higher incomes, are more likely to purchase the latest in clothing trends, and are more likely to want shopping carts in the stores.
• Easy Employees. This group, accounting for 41% of the survey population, is likely to be at the younger end of the age range, with a higher income and full-time job. They are less critical of the shopping experience and fairly easy to please.
• Respectfully Retired. This group (one third of the survey population) is concerned about lighting, loitering, noise levels, senior discounts, and generic products.

The online survey was commissioned by Deloitte & Touche USA and conducted by an independent research company between December 19 and December 27, 2005. The survey polled 1,059 consumers between the ages of 45 and 74.

The company is online at www.deloitte.com

Carat's Singledom project
The £100k Carat research analyses the habits and preferences of single people, and advises companies how best to target this growing market. It forms the second part of Carat's Project Britain research, following Generation Jones, last year's study into people aged between 40 and 51.

According to the survey, two thirds of single people believe they have more money to spend on themselves as a result of being single. 43% of singletons live alone, increasing the demand for accommodation, household items, mortgages, home entertainment and new technology.

Singletons are likely to be 'whimsical spenders', admitting to spending money without thinking, buying things on impulse, buying the latest fashions, and buying things they don't need.

The research identified four types of singleton, as follows.

• Social butterflies (30% or 4.3m of singles). This group is under 25 years old, and comprises 68% of the 16- to 24-year-old population - half male and half female. 74% live with parents, 54% are students, and 17% are in full-time employment. Over the next five years, this group is expected to grow by 7%.
• b>Achiever Beavers (16 percent or 2.3m of singles) This group represents 25- to 34-year-old, predominantly female (69%) singles, making the most of their work and social life. They comprise 25% of this age group. 36% percent live alone, 28% alone with children, 22% with parents, and 7% with friends. 9% of this group are divorced. Just 56% are in full-time employment, 22% are unemployed and 12% work part-time. This group is the biggest growing section - set to grow by 35% in the next five years.
• Pippa Pans (19% or 2.7m of singles). Pippa Pans are the 35- to 44-year-old singles, again mainly female (71%). Carat says they 'have accepted their single status and are concerned about getting old, so aim to maintain their relevance to society'. They comprise 25% of the 35- to 44-year-old age group. 52% are in full-time employment, 21% are unemployed and 14% work part-time. The proportion of divorcees rises to 27% in this group. A further 5% are separated. This group is expected to grow by 26% to 3.4m in five years.
• Silvertons (35% or 5m of Singles). Silvertons make up 35% of the 45- to 64-year-old age group. Again, the group is predominantly female (69%). 74% live alone, 11% live with children, and 47% are divorced or separated. This group is expected to grow by 18% to 5.9m in five years.

Carat's research shows that single people believe they suffer financially because they are not attached. The majority of single people (58%) believe they are at a disadvantage when it comes to booking holidays, leisure activities, tax and financial products. One in five of those surveyed said Saturday was the worst day to be single, with Christmas and Valentines Day, and New Year's Eve the worst times of the year.

Michael Florence, Strategist at Carat, says the research shows that marketers 'must develop strategies that better understand and connect with single people, particularly at times of the year such as Valentine's Day and Christmas, which have traditionally seen advertisers targeting families and couples, and therefore alienating singles. There is a real opportunity for brands to position themselves as a singles innovator, to secure loyalty among an often ignored but growing sector of society.'

More details are at www.singledom.co.uk

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas, 2024- by Nick Thomas, unless otherwise stated.

Register (free) for Daily Research News

Simple printable version of this article

Email this article to a friend