Singles have vastly more cash to spend than families with three or four members, making them the new driving force in the consumer world.
The Korea Chamber of Commerce and Industry surveyed 250 single households and 250 three-to-four-person households from Sept. 24 to 27 and found that singles had 32.9 percent of their monthly wages available for consumption, compared to just 17.2 percent for larger households.
At the end of 2010, there were 4.14 million single households in Korea, accounting for 23.9 percent of all 17.33 million households.
The KCCI said single households are usually not bound by expenses to raise children or take care of aging parents so they have more disposable income.
The KCCI said the spending patterns of singles are "self-oriented," they tend to buy a lot of products online because they prefer low prices and convenient purchasing methods.
Kim Kyung-jong at the KCCI said, "Single households, with more disposable income are emerging as the new consumer class. Businesses need to come up with new marketing strategies to benefit from this changing structure."