Wednesday, December 2, 2015

Marketers missing out on big opportunity by ignoring this group

Single adults, a lucrative demographic that now comprises half the U.S. population, continues to be overlooked or misrepresented by U.S. marketers and retailers, according to a report by retail marketing agency TPN and market insights firm C+R Research.

The study, "Millions of Singles, Billions at Stake: The Rise of the New Independents," busts myths and stereotypes to help brands and retailers understand, engage and celebrate singles.

Why does it matter? The retail spending power in just one subset, 35 to 54 year old singles, equals $567 billion.

"Single adults are a chronic blind spot to many marketers," said Sharon Love, CEO. "They may be missing the mark by not reflecting or respecting half the population.”

In 2014, the Bureau of Labor Statistics reported that for the first time, there are more single adults in the U.S. than married ones — 124.6 million adults or 50.2%, a number that has been on the rise since 1960.

Inspired by this demographic and cultural shift, TPN and C+R studied 2,000 U.S. adults, 30-50 years old with $50,000+ income, and compared singles to the general population.

"The study's findings challenge conventional thinking about singles — revealing how they see themselves, observing their shopping behavior, and measuring their spending power in order to redefine their role in an evolving marketplace," said Dave Mastrofski, VP, C+R Research.

What are the key takeaways from the study?  Read the entire article here courtesy of chainstoreage.com