I’m Mary Walden with economist MW welcoming you to the economic perspective. Today’s program looks at buying for one. Mike, when you are I were single young adults living alone fifty years, less than one out of ten adults shared that characteristic. Now almost 30% of adults live in single-person households. How has this changed what businesses market and sell?
Mike: Summary Answer
- The growth of single person households has been driven by several factors
- More young people delaying or foregoing marriage or partnering
- Many older people living longer without a spouse
- Has brought on big changes for companies
- For example, companies are making smaller appliances
- Also companies have found singles want more ready to eat meals and ingredients like salads – they are more willing to pay for convenience
- Economizing on storage is important – larger toilet rolls so don’t have to store as many; but young singles want more room for clothes
- I’m MW
And I’m Mary Walden for the Economic Perspective, an NC State Extension program from the Department of Agricultural and Resource Economics.