The number of one-person households worldwide is forecast to reach 253.8 million by 2020, up from 202.6 million in 2006, making it the fastest-growing household group, according to the Chicago-based business intelligence firm Euromonitor International. While the burgeoning demographic is a potential boon to any business development plan, the challenge for marketers is targeting an audience that covers such a wide range of ages. Singles could be graduating from college or they could be celebrating their 80th birthday.

Unlike multiple-person households, where the focus is often on getting the most for the money, singles are more apt to splurge — on themselves. A study by the New York–based consulting firm WSL Strategic Retail found that that singles are more likely to spend money on self-indulgences, even though 70 percent of the demographic earns less than $50,000 annually.

“The younger audience is more casually sophisticated and willing to spend their money on small indulgences,” says Aaron Allen, founder and CEO of Quantified Marketing Group, in Orlando, Fla. Marketers must show these affluent consumers that they understand their lifestyle and can enhance it with quality products and services. “People buy brands that are a reflection of how they feel,” Allen adds.

You can market your products and services to singles by focusing on the following key needs:

• Mobility. Singles spend much of their lives on the go. If your company can help singles get around easier, it has a good chance with this market.

• Companionship. Just because singles live alone doesn’t mean they don’t desire companionship. For example, this group is likely to spend more money to keep their pets healthy and happy. According to WSL Strategic Retail, 52 percent of one-person households surveyed would splurge on products for pets, compared with only 23 percent of households with four or more people.

• Entertainment. Singles have more discretionary income and more time on their hands. Any product or service that can give singles something to do with their money and time has a leg up on the competition. (Hello, consumer electronics and travel industries!)

• Romance. It’s human nature to want to be part of a loving relationship. Events that allow singles to meet one another can be combined with other product and service offerings.

• Space. Singles often live alone in smaller homes with less storage space, so companies that package their products in smaller containers might win over this demographic.

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