“L.W.S.” has launched 5 businesses that cater to the lifestyle of high-spending singles, with a total market value exceeding 1.4 trillion baht per year. Mr. Prabhan Sak Raksaiwan, Managing Director of L.W.S. Wisdom and Solutions Co., Ltd., a research and development company in real estate under L.P.N. Development Public Company Limited, introduced 5 service businesses that address the needs of the growing single population, which is a high-spending demographic with an estimated annual spending value of 1.4 trillion baht.

According to a report from the National Economic and Social Development Council (NESDC) and Euromonitor, as of 2023, there are approximately 400 million single-person households worldwide, with a continuous growth trend of about 3.3% per year. In Thailand, by the end of 2022, there were over 7 million single-person households, accounting for 26% of all households in the country, an increase of over 10% from 2012. Thailand ranks among the top 10 countries in the Asia-Pacific region for household spending on consumption for single-person households, averaging 1.4 trillion baht per year.

In a survey conducted by L.W.S. in May 2023, involving 729 residents of condominium projects in the Bangkok metropolitan area, it was found that 45% of respondents lived alone, an increase of 10% from 2020. Additionally, over 75% identified as single, up about 5% from 2020, with monthly incomes ranging from 20,000 to 40,000 baht.

The increasing trend of singles in Thailand presents opportunities for businesses to develop products and services that meet the needs of this demographic. According to L.W.S.'s survey, five service businesses that are interesting and show increasing demand among singles present opportunities for entrepreneurs to develop and create businesses to cater to this market:

1. Rental Housing Business Currently, housing prices are continuously rising due to increased costs, including land, construction, and interest rates, making it difficult for buyers to afford homes. Coupled with the demand from younger generations and singles who are increasingly working freelance and willing to relocate closer to work, this demographic prioritizes travel and convenience, leading them to prefer renting over buying. A survey of living behaviors in condominiums by L.W.S. in 2023 found that over 30% of single renters are willing to pay rent between 6,000-10,000 baht/month.

Rental property developments, such as condominiums, need to ensure safety, comfort, and comprehensive facilities available 24 hours, along with additional services that can be accessed via an application, such as:

  • Shuttle services to train stations or public transport points
  • Package cleaning services
  • Repair/renovation services for units
  • Moving services

2. Pet-Friendly Condominiums

A survey by L.W.S. in 2023 found that 3 out of 4 people interested in purchasing condominiums consider pet-friendliness as a key factor. Most believe that being able to have pets in the future will prevent issues related to housing or the need to relocate.

This finding aligns with research from Mahidol University (CMMU) and The 1 Insight, which indicates that over 65% of Thai people treat their pets as family members, known as "Pet Parents," while 33% keep pets for companionship and 2% for therapeutic purposes, with an average annual pet-related expenditure of 15,000 baht. The trend of keeping pets in residences has been growing, especially since the COVID-19 pandemic.

Developing pet-friendly condominium projects requires the following services:

  • Pet care/walking services
  • Cleaning services for pet-friendly units
  • Design and installation of pet facilities in units
  • Pet food and supplies stores
  • Pet spa/grooming services

3. Restaurants for Solo Dining

Since 2022, as the COVID-19 situation has improved, there has been a noticeable increase in restaurants catering specifically to solo diners, such as those designed for single seating with teddy bears as companions, ramen shops tailored for solo dining, or barbecue restaurants with smaller tables suitable for one.

Surveys confirm that over 50% of people living alone enjoy outdoor activities, whether dining or engaging in other activities solo. Thus, it is not surprising that the business of restaurants for solo dining is continuously growing, reflecting current trends.

4. Solo Travel

Currently, the trend of solo travel is significantly increasing worldwide. A market research report from Germany's Statista indicates that in 2023, 60% of travelers plan to travel alone within the next 12 months, particularly among singles who prefer solo trips, averaging more than 5 trips per year. They tend to make quick decisions and are willing to pay even outside promotional periods. Nowadays, applications supporting solo travel are widely available, such as Flush for finding restrooms and Agoda for booking accommodations.

5. Friend-for-Hire Services

Currently, friend-for-hire businesses are becoming increasingly popular among younger generations, both online and on-site, especially in China and Japan. According to reports from Nikkei Asia and Krungsri Guru, businesses that generate income by renting out personal time to meet customer needs have found that 70% of users are women seeking companionship or someone to listen to them, while 30% hire for assistance with tasks or outings, including hospital visits or elderly care, with service rates starting from 250-600 baht/hour.

Similarly, in Thailand, services like “Grandchild-for-Hire” by Joyride cater to the elderly, providing care and transportation with rates starting at 500 baht/hour. Adapting these services to meet the needs of singles in Thailand is feasible and presents an interesting alternative business opportunity, expected to have a high market value compared to the number of potential customers.

“Given these trends, developing service businesses that cater to the lifestyle of singles presents opportunities for entrepreneurs across all sectors to innovate both products and services that meet the needs of this growing customer base, including real estate developers who must enhance both products and services to satisfy the demands of current buyers and renters,” said Mr. Prabhan Sak.