KUALA LUMPUR, April 2 (Bernama) -- Single-person household will record 128 per cent growth in 2000-2030, while the total number of household heads aged 60+ will reach 807 million by 2030, says global market research company, Euromonitor International.
The result was revealed based on a new report, ‘Future of the Family’ on how the traditional definition of the family was transforming rapidly under evolving socio-economic conditions and how brands should adapt their strategies accordingly.
It is also reported the average number of children per home was set to decline worldwide and global population was ageing rapidly. Population with a divorced marital status will, by far, be the fastest growing segment at 78.5 per cent over 2000-2030.
As a result, more families are split and thus, require their own households apart from each other, driving the rise of the single-parent family, according to a Euromonitor International statement.
The transformation of the family is leading to the transformation of the home whereby, the demand for small, hyper-urban apartments is rising and creating more space for appliances and household goods in emerging markets.
“As the future family will reshape the habitat of the household, families have ever-increasing expectations of the brands they interact with,” said household specialist Pavel Marceux at Euromonitor International.
“Companies must be mindful that millennial parents are juggling complex plans, so they must be pragmatic about the utility and convenience they can offer, avoiding ‘trendwashing’ and traditional clichés,” he added.
For more information, contact https://www.euromonitor.com.
-- BERNAMA
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