The "Lonely Economy" Trend Shows a Sharp Increase in Pet Ownership
- A Small Font
- A Medium Font
- A Bigger Font
The Covid-19 pandemic, which lasted for the past two years, has changed many aspects of people's lives.
The emergence of the pandemic also coincided with the strengthening of the "lonely economy" trend, where many people choose to live alone, such as deciding not to marry or refuse to have children, thus creating new consumption patterns.
According to a McKinsey report, the "lonely economy" phenomenon is evident in the declining average household size in many Asian countries in recent years, including in large populations like China and Indonesia.
McKinsey also assesses that this "living in solitude" trend is reflected in the rise of pet ownership in Asia.
McKinsey notes that during the 2015-2020 period, pet ownership in China increased by 114%, while in Thailand it increased by 23%, and in Singapore by 12%.
Besides pet ownership, McKinsey predicts that the "lonely economy" trend will increase the demand for smaller-portioned packaged food and drive up demand for single-unit housing.
(Also Read: [link to article about impact of pandemic on top football clubs' income])
"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."
Related Data
Latest Data Stories
