Loneliness is an emotional state that can affect anyone, impacting mental health and potentially harming long-term well-being. Loneliness comes in various degrees; it doesn't necessarily mean one wants to withdraw from society. Even in urban settings, some individuals feel marginalized and overlooked due to various reasons, such as social awkwardness or being far from family and friends. Interestingly, this trend of loneliness has also created value in the business sector.

Causes of Loneliness

A research study titled Lonely in the Deep: A Deep Dive into the Lonely Market from Mahidol University's College of Management reveals that there are over 26.57 million lonely individuals in Thailand, which accounts for 40.4% of the country's total population of 66.4 million. The highest rates of loneliness are found among working-age adults (49.3%), students (41.8%), adults (33.6%), and the elderly (24.5%). Notably, the working-age group, particularly those aged 23 to 40, ranks highest among the lonely in Thailand, indicating that students and working adults experience the most loneliness.

Furthermore, the research indicates that individuals with higher incomes can manage their loneliness better than those with lower incomes, as they can spend on activities to alleviate their loneliness. In contrast, those with lower incomes face financial burdens that exacerbate their feelings of loneliness, as money is a key factor in fulfilling certain desires, such as traveling or shopping. Interestingly, even people in relationships can feel lonely, often because their partners lack time for them, which can intensify feelings of isolation when they see other couples engaging in activities together.

Strategies for Targeting the Lonely Market

Mahidol University's College of Management has proposed the C M M U strategy to unlock business opportunities catering to the lonely market, enhancing appeal, uniqueness, and differentiation. This strategy consists of four steps:

  1. Surroundings (C: Circumstance) - Create an atmosphere that doesn't make consumers feel isolated. This has led to the emergence of cafes, co-working spaces, shops, and restaurants that strategically use their environments to attract lonely individuals.
  2. Communicate Like a Friend (M: coMpanion) - Market by communicating activities that foster interaction with lonely individuals through social media, adjusting communication styles to resemble a friendly advisor who can answer questions about services or products.
  3. Don't Forget the Lonely (M: forget Me not) - Promote special marketing initiatives specifically targeting lonely individuals, such as solo travel flight promotions or festival welcome offers.
  4. Encourage Group Activities (U: commUnity) - Create unique content, products, or marketing activities that emphasize interaction among the target audience, forming a special community that meets regularly, such as workshops or various associations.

Businesses for the Lonely

These four strategies have led to the emergence of new businesses catering to the lonely market, including:

  1. Community businesses, such as restaurants, cafes, board game venues, or special events that encourage group activities. Workshops in various fields allow participants to meet new friends within similar professional networks and interests. For example, in South Korea, a ramen restaurant has created long counter tables with partitions for privacy, while some Korean BBQ places have tables designed specifically for solo diners, complete with gas stoves and TVs for entertainment.
  2. Real estate and co-working spaces, which are public areas that allow anyone to work alone or in groups. These spaces are equipped with workstations, high-speed internet, meeting rooms, and dining areas, resembling traditional offices but with inspiring atmospheres and decor. Some may even include small cafes or reading corners, making co-working spaces small communities where professionals from various fields can meet. They are particularly popular among freelancers or startups without their own offices, making them ideal for those with flexible work arrangements.
  3. Digital communication businesses through well-known online platforms like Facebook, Twitter, Instagram, or LinkedIn, which help individuals find new friends or organize activities based on shared interests. In the U.S., there’s an app called People Walk for finding exercise partners, while in Thailand, MeetUp facilitates gatherings for people with similar interests, organizing events and activities that allow like-minded individuals to connect and collaborate creatively. Digital businesses are particularly suited for regular social media users and offer a low-investment means of alleviating loneliness that can be accessed anytime, anywhere.
  4. Pet businesses, with the pet market in Thailand valued at 32.23 billion baht in 2018, including 45% for pet food and 32% for pet services like hospitals, clinics, boarding, hotels, and spas. A growing trend is dog rental services, catering to customers who want companionship but lack the time to care for a pet, allowing them to test their readiness for pet ownership.
  5. Travel businesses offering volunteer tours or social activities. Internationally, platforms like Couchsurfing help travelers find free accommodations and new friends, connecting those seeking free lodging (surfers) with hosts willing to welcome them into their homes. This service has gained popularity among younger travelers who want to immerse themselves in local cultures.

As you can see, loneliness is an unavoidable condition that everyone encounters. However, by leveraging insights from this issue to address business challenges and using creativity to alleviate loneliness, new business opportunities can arise while also fostering community and improving the mental health of service users.

Thank you for the information from
bltbangkok.com,
techsauce.co,
khaosod.co.th

SOURCE: www.krungsri.com