Comprising 1% of India’s population, these digitally forward consumers have more disposable income than other consumer segments, and are shaping market dynamics with their evolved priorities and needs.
Nielsen India published its Featured Insight on the rise of a new premium consumer category – wealthy urban singles. Urban Singles are defined as Indians aged between 28-45 years – living alone in an urban location and includes people who are unmarried, separated, divorced, single parent with kids or in long distance marriage – having monthly earnings of more than Rs. 50,000. This consumer profile accounts for close to seven million people.
As per the Nielsen Insight, these super consumers have the potential to shape the future of Indian markets given their spending power as well the penchant for being first movers. This consumer segment has emerged as a trial market for companies as keen to test revolutionary designs and ideas which simplify lives while simultaneously helping consumers reflect their personalities.
Commenting on the featured insight, Arjun Urs, Executive Director, Nielsen South Asia said, “Globally urban singles are considered to be the preferred customer segment for premium and innovation driven brands. In India, being single is still considered to have negative undertones – often linked to depression, unhappiness and loneliness. However, our findings on the segment presents a contrarian picture – comprising of segment which is educated, focused, hardworking and ambitious. This segment is not only fast emerging to be super consumers but also, influencers and early adopters to revolutionary products and ideas. These are global citizens having global views and preferences.”
The report explores broad behavioral insights relating to consumption, lifestyle, food habits, spending, housing, hobbies, travel, gadgets, appliances, food and health segments, among others. The report was compiled through a survey conducted across Delhi, Mumbai and Bangalore with a sample size of 700 people.
Wealthy Single Urbanites Are The New Superconsumers
Upwardly mobile urban youngsters are quickly changing their priorities from relationships to education and career, leading to the rise of oneperson households. The proliferation of technology, easy connectivity among friends and a wider array of entertainment options is also contributing to this lifestyle. Consequently, marriage has taken a back seat, with both men and women delaying marriage until they are older.
Wealthy, single urbanites most often base their consumption decisions on lifestyle considerations rather than functional needs. They’re also early adopters and super consumers across all categories, which is shifting consumption dynamics in urban India. A more granular look at who these emerging consumers are and how they behave, reveal the scope of change. The average monthly income of wealthy, single urbanites is between INR 65,000 to INR 70,000, while their average disposable income ranges from INR 25,000 to INR 30,000. Interestingly, these consumers use about 35% of their monthly income for savings and food.
Highlights of the report:
• Upwardly mobile urban youngsters are fast changing priorities from relationships to education and career, leading to the rise of one-person households. The proliferation of technology, easy connectivity among friends and a wider array of entertainment options also contribute to this lifestyle.
• The average monthly income of wealthy, single urbanites is between INR 65,000 to INR 70,000, while their average disposable income ranges from INR 25,000 to INR 30,000. Interestingly, these consumers use about 35% of their monthly income for savings and food.
• Priorities have evolved, and urbanites are no longer as keen on a work-life balance as they were a decade or so ago. Now, one in every two urbanites wants a job that motivates them to work harder every day even if it means spending long hours over it.
• Wealthy single urbanites within the age bracket of 28 and 30 years, are more traditional than their older counterparts. They largely continue to prioritise marriage over career and desire a work-life balance. On the other hand, wealthy single urbanites over the age of 30 place career and money matters on the top of their priority list.
• The average wealthy single urbanite spends 20 hours a week on smartphones with male users being marginally more engaged than females.
• Gender differences are gradually fading among wealthy single urbanites. More men have now started shopping for clothes online, while a lot more women are travelling or indulging in adventure sports.
• More than 50% agree that holiday photographs posted by their contacts on social media influence where they decide to go for their own vacations.