Move over, millennials, new breeds coming: Savvy titas, cheapskates and ‘third-agers’ changing tastes and behavior
This year, expect consumers to be less bothered about labels and gender conformity and more concerned about their physical and mental wellbeing and their need to inspire change, latest data on Global Consumer Trends for 2016 by global business intelligence provider Euromonitor International shows.
The study also found a key trend to watch for this coming year—the growing markets of mature consumers aged 65 and older and the “spending singles.” ....
Single and spending
In 2016, single adult consumers will spend on travel and products and services they believe to be authentic.
“With fewer commitments and more to spend, premium singles are a captive audience for authenticity-led services and products,” says Euromonitor. “Often, high spenders with more disposable income and child-free or no longer sharing a home with offspring are happy to spend on products and experiences for themselves, such as solo travel.”
Among these singles are the PANKs (Professional Aunt No Kids), consumers who spoil their nieces and nephews with things like toys and gadgets. A survey done by SavvyAuntie.com’s Melanie Notkin found that more than a third of American women aged 20 to 44 are childless, and that “many of them are eager to help their nieces and nephews get the best out of life by spending money on educational, cultural and playful experiences.”
Another group of spending singles are called “yuccies”—the driven, young and urban creatives who are typically under 35 and are often single with few commitments. “They are super motivated, stylish, steer clear of traditional jobs and gather in creative industries, earning relatively high incomes,” says Euromonitor.