China’s coronavirus-induced fall in marriages sees firms target singles as consumption landscape evolves
- The number of marriages in China hit a new low last year, with only 7.63 million registered, the lowest total since records began in 1986
- Report from Daxue Consulting found that firms are targeting ‘singles’ as a new consumption demographic as more people are expected to live alone
A rising number of unmarried people in China caused by the coronavirus lockdowns is set to reshape the country’s consumption patterns, according to a new report.
People have postponed their marriage and pregnancy plans due to Covid uncertainty
“People have postponed their marriage and pregnancy plans due to Covid uncertainty,” said the report from Daxue Consulting, which has offices in France, Shanghai, Beijing and Hong Kong.
“China saw a spike in divorce after the 2020 lockdown, as couples were forced to spend more time together. Whether this trend repeats in 2022 remains to be seen.”
They added that companies are now targeting “singles” as a new consumption demographic because China’s population of unmarried people is increasing and more people are expected to live alone.
Food delivery services, ready-to-eat meal providers, dating apps, as well as health and wellness related activities, are expected to benefit from the change, they added.
