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has made tremendous economic achievements, and they have enjoyed affluent material conditions since childho
od. So they set higher standards for life and ask for better quality and unique experiences,” Tang said.
“Compared with the older generation, they are more willing to pay for conveni
ence, entertainment, mental stimulation, companionship and education that will benefit their future careers.”
George Ren, a senior partner with global consultancy Roland Berger, said many companies have star
ted to respond to this demographic shift in recent years, as they have seen great potential in the singles’ economy.
“They have made products of smaller size, in smaller packages or with more divided functions. They have also deve
loped unique and personalized services to cater to the diversified demands from single people,” he said.