The Economic Perspective: “Buying for One”

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

  1. The growth of single person households has been driven by several factors
  2. More young people delaying or foregoing marriage or partnering
  3. Many older people living longer without a spouse
  4. Has brought on big changes for companies
  5. For example, companies are making smaller appliances
  6. Also companies have found singles want more ready to eat meals and ingredients like salads – they are more willing to pay for convenience
  7. Economizing on storage is important – larger toilet rolls so don’t have to store as many; but young singles want more room for clothes
  8. 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.