Advertisers are missing out on a large percentage of the adult population, with a new study from Carat revealing the high spend potential of Britain “singletons.”
The report breaks the group down into four definitive types: Social Butterflies, Achiever Beavers, Pippa Pans and Silvertons, claiming that few brands are maximising the spending power of singles and missing the needs of this powerful and influential consumer sector.
Looking at the different demographics identified in the report, Carat claim that 30% of the UK single population are in the 16-24 year old, “Social butterflies” sector. This group is split between male and female and is forecast to increase by 7% over the next five years.
Career driven “Achiever Beavers” make up 16% of singles, comprising of 69% female and 31% male, expected to rise by 35% by 2011.
“Pippa Pans” are the 35 to 44 year old female bias group who have accepted their single status and are concerned about getting old, so aim to maintain their relevance to society. This bracket is predicted to grow by 26% over the next five years, currently at 19%.
The final sector identified is the “silvertons”, making up 35% of singles, with the 35 to 44 demographic “satisfied and comfortable with their world.” This category is expected to increase by 18% over the next five years.
Other key findings from the report showed that two thirds of singles claim they have more money to spend on themselves as a result of being single, with singletons likely to be whimsical spenders admitting to “spending money without thinking” and “buying the latest fashion brands/styles available.”
Explaining the need for the report, Michael Florence, Carat strategist said: “Carat is committed to providing customers with an in-depth understanding of the consumer landscape. Within a constantly evolving society, consumer needs and demands are growing, resulting in greater opportunities for brands to develop even more effective and targeted communications.”
He continued: “Singledom has identified important insights, planning implications and opportunities for targeting single adults through marketing communications. It is clear that, among singletons, there is an untapped need to pay for services and brands, which match their lifestyle and life-stage.” Carat asserted that marketers who exploit the opportunities that the single market presents will find themselves one step ahead of the competition and ideally positioned to secure loyalty as a singles innovator.
Florence added: “Our research demonstrates singletons have a need and willingness to pay for services and brands which match with their lifestyle. We believe there is a real opportunity now for brands to position themselves to secure loyalty, as a singles innovator, amongst an often ignored but growing sector of society.”
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