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Summary of "Future of the Family: Trends in Consumer Spending"

Core Content

This report from Euromonitor International explores how the evolving structure of the family is influencing consumer spending patterns across different household types through to 2030. It provides insights into the spending behaviors of single-person, single-parent, couple-with-children, and couple-without-children households, highlighting key trends and opportunities for brands.

Key Findings

• Single-person households will be the fastest-growing household type globally, expanding by 23.4% between 2019 and 2030.
• Despite their growth, single-person households will see the slowest increase in per household expenditure, with a real-term growth of only 9.8%.
• Single-parent households have the lowest per household spend but will experience rapid growth (17.8% in real terms) due to increasing numbers and government subsidies.
• Couple-without-children households will have the highest per household spend globally through to 2030, due to dual income potential and fewer financial responsibilities.
• Couple-with-children households will see moderate growth in per household expenditure (23.4% in real terms), driven by emerging markets where family spending is increasing.

Main Trends

• Socio-economic status significantly affects spending patterns. Advanced economies (North America, Australasia, Western Europe) have the highest per household expenditure for all types, while emerging economies are seeing faster growth in certain categories.
• Childless couples have more disposable income, which allows them to spend on personal satisfaction, design, and aesthetics. They are also more likely to live in urban high-rise apartments.
• Single-person households are dominated by two demographics: older adults (65+) relying on pensions and young professionals/students with limited financial capacity. Both groups are unlikely to increase their spending significantly.
• Single-parent households are increasingly being supported by government subsidies and tax breaks, which are helping to boost their purchasing power. This is particularly evident in Asia Pacific, where both divorce rates and single-parent spending are rising.

Opportunities

1. Targeted Campaigns for Single-person Homes

• Single-person households represent a growing and under-penetrated market.
• Brands should focus on value and practicality, avoiding strategies like multibuy deals that may not appeal to this demographic.
• Opportunities exist in real estate, digital commerce, food, vacations, and healthcare.

2. Marketing to Single-parent Households

• Single-parent households have specific needs and should be marketed with positive, empowering messages.
• Products and services such as gym facilities with child care, hotels with day care, and mobility services (e.g., car sharing, ride-hailing apps) are particularly attractive.
• Asia Pacific is a key region for growth in this segment due to rising divorce rates and increasing disposable income.

3. Catering to Couple-without-children Households

• These households can afford to spend more due to dual income and no child-related expenses.
• Brands should focus on design, aesthetics, and convenience in products such as home furnishings, furniture, and craft goods.
• Urban high-rise living is common among this group, offering opportunities for retailers to adapt to this lifestyle.

4. Opportunities in Emerging Markets

• Emerging markets are seeing significant growth in family-related spending, especially in children's education, healthcare, and toys.
• Suburban migration is increasing, with families choosing to live in suburbs and satellite towns for comfort, ecology, and affordability.
• Digital infrastructure in these areas may be less developed, requiring brands to adapt their strategies accordingly.

Conclusion

• Generic marketing is no longer effective; brands must tailor their strategies to specific household types and individual family members.
• Couple-with-children households will remain the largest spenders in most regions, even as their numbers decline.
• Couple-without-children and single-person households present lucrative opportunities, especially in Asia Pacific and emerging markets.
• Single-parent households, while the lowest spenders, are growing rapidly and benefit from government support, making them a key target for future marketing efforts.

How Euromonitor International Can Help

Euromonitor International offers strategic market research across consumer goods, business-to-business, and service industries. Their data and insights help businesses understand and target different household types effectively. For more information, visit their website or check out more free reports on Yanbaoke.