Thailand is now entering a complete aging society. The birth rate has been continuously decreasing due to various challenges from the economic slowdown. This has led to concerns about starting a family. Many people are choosing to be single, which will affect the future economic dimension. The National Statistical Office’s 2023 Household Economic and Social Survey (SES) found that 1 in 5 Thais are single, accounting for 23.9%. When considering only the reproductive age group (aged 15-49), 40.5% are single, almost double the overall national figure. Bangkok has the highest proportion of singles to the population in the area compared to other regions at 50.4%.
Meanwhile, the proportion of marriages is currently trending down. Data from the Department of Provincial Administration, Ministry of Interior, found that the statistics of marriage registrations are decreasing and divorces are increasing, reflecting that the challenges of living as a couple are another factor driving the Solo Economy or the economy of single-person households to expand and tend to grow continuously in Thailand.
Single people are a https://ufabet999.app group of consumers with high purchasing power because they have less financial burden than those with families or children and have more freedom to spend for happiness. Therefore, it has become an opportunity for many businesses to adapt to reach this target group.
Stay up to date with the trends in Solo Economy housing
The expansion of the Solo Economy in Thailand has resulted in changes in consumer lifestyles in many dimensions, including trends in the search for housing. Previously, working-age people often started planning to buy a house when they wanted to start a family as a top priority. However, single people still want a dream house that meets their lifestyle. DDproperty, Thailand’s No. 1 real estate platform, reveals trends in housing that meet the needs of single people or those who live alone. What factors should this consumer group consider when choosing/renting a home to fully fulfill their lifestyle that emphasizes taking care of themselves?
- Renting meets the needs, reduces future burdens. Data from the latest round of the DDproperty Thailand Consumer Sentiment Study on the housing market by DDproperty found that 14% of single respondents plan to rent a home in the next year, which is higher than the average consumer (10%) and higher than consumers in other married statuses. This reflects that the trend of renting a house/condo meets the needs of singles more because they do not want to shoulder the debt burden of buying a home with a long repayment period and other maintenance costs more than renting. At present, banks have stricter loan approval criteria to reduce the occurrence of bad debts, causing many people to choose to borrow together with their loved ones to get a higher credit limit and cover the desired home price instead.
However, even though single people can get a home loan with their family members. Many people tend to prioritize long-term financial planning and focus on living a happy life rather than worrying about debt. Buying a home may not be the top goal because they can still choose to rent instead. Which helps increase their financial liquidity. It is also more convenient to move if they want to change jobs or change locations. *In addition, single people do not need more living space than necessary. So they tend to choose a residence that is the right size for their actual living where the rent is not too high.
- Security system must be tight. Many people’s dream residence is a project with a tight security system and the use of various technologies to enhance security to be more comprehensive. This is an important factor for all residents, especially those who live alone. Consumers can ask the juristic person about the security system that the project provides. Such as 24-hour security guards who patrol all areas CCTV cameras throughout the project elevators with floor locks for condos residents entering and exiting the project with a key card system. Strict inspection/screening of people who come to contact the project and standards for keeping residents’ personal information accessible only to relevant persons.
In addition, consumers can increase their security by installing a digital door lock that can be unlocked by themselves, as well as finding information about home insurance to see what kind of coverage each type has. *In particular, those who live in condos may consider purchasing additional insurance from the common insurance to protect personal property in the room, helping to increase confidence and prevent damage in the event of an unexpected event, such as a water leak or fire.
- Pet Humanization is another trend that is gaining popularity and growing continuously among singles and married people without children. As a result, real estate developers have also adapted to penetrate this market. According to a survey by LWS Wisdom & Solutions Co., Ltd., by the end of 2023, there were 23,031 pet-friendly condominium units in the Bangkok Metropolitan Area, an increase of 4,600% compared to 2011.
In line with the DDproperty Thailand Consumer Sentiment Study, 33% of singles want a filter to help filter out pet-friendly projects. When searching for homes online. This will help them find homes that are specifically designed to accommodate pets and live among a community of animal lovers. Which will have an impact on their long-term well-being. In addition, the pet-friendly project was ranked as one of the top 5 external factors affecting singles’ decisions to buy/rent homes.
- Common areas promote physical and mental health. Common areas and facilities are another factor that influence the decision to buy a residence. This is because they are areas where residents can relax according to their preferred lifestyle. Most singles prioritize taking care of themselves and therefore want health-conscious facilities such as exercise areas. Such as swimming pools, fitness centers, yoga rooms, cycling lanes, or various types of sports fields. In addition, taking care of mental health to achieve a balance is equally important. Therefore, the project should have common areas that meet the needs of various lifestyles. Such as a relaxation park or a sky garden to support relaxation while enjoying the view, a co-working space. A movie room, or a game room, which support the different lifestyles of singles. So that they can do various activities within the project without having to waste time traveling outside.
- Location must be excellent, easy to travel. Traveling is another factor that affects the choice of buying/renting a residence, especially for working-age people. Therefore, projects located in locations with complete public utilities and development. In the area will better meet the needs of singles for long-term living. Such as being near hospitals, department stores, and community malls. In addition, lifestyle is also important in choosing a project location. For singles who love socializing, you may consider projects near tourist attractions and entertainment venues to help reduce travel time. The key to choosing a project is that it should be located in a location. That is convenient for both work and daily life. It should not be in a lonely alley. It should be located near a main road with easy access to public transportation, or near an expressway or near the BTS/MRT. Which will allow for faster travel during rush hour. Increasing the convenience of singles’ travel, and also reducing pollution from using private cars when traveling alone.
Although the growth trend of the Solo Economy has created changes in society. The current advanced technology has helped reduce the gap of living alone. Singles have become a potential and interesting consumer group. Ready to spend money for happiness and choose the best for themselves. As a result, real estate developers have presented projects with various strengths.
DDProperty has compiled interesting articles and news in the real estate industry. As a source of knowledge for those looking for their dream home. Along with collecting information on announcements to buy/sell/rent house/condo projects in various locations nationwide. Helping people who want to own a home in any status or who want to move to a new home to be able to search and prepare themselves. Before owning their dream home with more confidence.