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Single Household Increases 27%; Securing Market Opportunities For Food, Appliances Sectors

By January 25, 2016 at 3:51 am
Employees of the Microsoft Corporation work at their head office on December 7, 2005 in Seoul, South Korea (Photo : Chung Sung-Jun/Getty Images)

The number of single households increases substantially over the last few years, where 27 percent increase is seen from 9 percent in 1990.

According to the Korea Chamber of Commerce and Industry, the growing rate of single households only means that such people are happier with themselves and have no qualms over being with someone else. The Korea Times reported that the widened ratio has significantly changed the single's consumption pattern.

"Now that single households have emerged as another big consumer group, companies should analyze their consumption pattern and develop new products and services," a KCCI officer said.

One of the most affected sectors is the packaged food as it grew from 770 billion won in 2010 to 1.3 trillion won in 2014. This is seen by CJ CheiljedangSee, whose popular instant rice product Hetbahn Cupbah, vended 2 million packets from the day of its launch.

Due to the demands of easy-to-eat foods, Ottogi offered their Rabab, an instant cup noodle made with rice.

Electronics companies are also venturing to small home appliances in compliance with the rising need of single household residents. Samsung introduces their 3-kilogram washing machine while Dongbu Daewoo Electronics has their own wall-mounted version, which achieved 100,000 sales.

Even home security services are booming due to the increase of female in single households. From 2010 to 2014, the ratio went up from 66 percent to 69 percent, respectively.

This opted Timon, a delivery pick-up service, to become a hit. Women would choose to pick up their delivered items from a convenience store rather than receiving them from a delivery man, obviously for security purposes.

Even security services made profits by offering women smart devices like the popular Internet of Things by ADT Caps. The app can control gas valves, heating system and more. Security company S-1 also launched their Ansim Phone, where users can send security staff whenever there is an emergency. The mobile app immediately gained 160,000 sales last year.

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