Across The Border | There are 200 million of them and they’re richer than ever. So why aren’t China’s singles doing more for the economy?
With as many single adults as the entire populations of Russia and the UK combined, it’s little wonder companies have spotted the potential to profit from China’s enormous army of young, free-spending singletons.
But despite their numbers, disposable incomes and willingness to spend, it seems the mainland’s unattached adults aren’t contributing as much to the economy as might be expected. In fact, they may actually be harming it, according to some analysts.
I think the growing number of singletons does more harm to the economy than good
China’s swelling ranks of singletons is a relatively new phenomenon brought on by economic development and a profound change in people’s perceptions of remaining unattached. According to the Ministry of Affairs, China’s “unwed” population (those who traditionally would have been married by now in previous generations) reached 200 million by the end of 2015.
“Singles today generally have a higher and rising disposable income, and tend to focus and spend on themselves,” said branding consultant Jacqueline Thng, a partner at Prophet.
According to the latest official data from the National Bureau of Statistics, the average monthly disposable income in China was around 2,395 yuan (US$348) during the first quarter of this year. But data released by e-commerce giant Alibaba last year shows more than half of the country’s single men and women have average monthly disposable income of between 3,000 and 5,000 yuan. And nearly 30 per cent reported having around 5,000 to 8,000 yuan at their disposal every month, with 10 per cent having some 8,000 yuan or more.
