They are single and ready to mingle, with new-age brands. Meet the new premium consumer category: the wealthy urban singles.

These digitally-forward super consumers have more disposable income than other consumer segments, and are shaping market dynamics with their evolved priorities and needs.

India’s 440 million Millennial and 390 million Gen Z population are a young and digitally forward segment that is evolving into a new consumer class. Almost one per cent of the country’s 1.3 billion population comprises wealthy single urbanites.

Premium consumers

Market research major Nielsen India, which profiled the rise of wealthy urban singles, a new premium consumer category, says this consumer profile accounts for close to seven million people.

These super consumers are set to shape the future, it adds in a report. Given their high spending power, it makes them immediately valuable for brands across categories. This is particularly true for new-age brands and products.

For instance, Nielsen data show that since these consumers are conscious about their health, 25 per cent of those surveyed have air purifiers in their houses. This is a product category that is fairly new in India.

The report notes super consumers’ definition of ‘fun’ too has evolved. While earlier this would be related to parties, dining out and movies, today’s urbanites now derive fun from spending quality time at home.

What this translates to is that they are open to more entertainment options within homes, an aspect that is reflected in the ownership of durables. While the Indian market has recently moved on from cathode ray tube (CRT) television sets to liquid crystal display (LCD) and light-emitting diode (LED) ones, wealthy single urbanites already own projector screens and augmented reality and virtual reality devices for enhanced experiences.

The same principle holds true for other categories, including automobile and finance, adds the report.

While household comforts and a high standard of living have traditionally been associated with marriage, things are now changing, says the report. Whether they stay alone, with friends or live-in partners, these consumers live life on their own terms.

Urban singles are aged 28-45 years and have monthly earnings of more than ₹50,000.

The average monthly income of wealthy, single urbanites is between ₹65,000-70,000, while their average disposable income ranges from ₹25,000-30,000. Interestingly, these consumers use about 35 per cent of their monthly income for savings and food. Wealthy single urbanites are conscious about financial planning despite fewer responsibilities. Older single urbanites seem to have higher disposable incomes, increasing their willingness to take financial risks.

Research shows that 15-20 per cent of wealthy single urbanites between 28 and 30 years invest in risky propositions, while the figure rises to 23-28 per cent in the age bracket of 31-35 years.

Trial market

Being early adopters, this segment is a trial market for companies keen to test revolutionary designs and ideas that simplify lives.

Interestingly, the work-life (im)balance fits right in with this crowd, in the age group of 28 to 45 years. The report points out that priorities have evolved, and urbanites are no longer as keen on a work-life balance as they were a decade or so ago.

Now, one in every two urbanites wants a job that motivates them to work harder every day even if it means spending long hours over it. Ready to make several adjustments to accommodate these extended hours and pursue growth, the report notes three of every four wealthy single urbanites work from home at least two days a week.

These super consumers don’t hesitate switching between jobs, and among the top reasons for these switches are better pay and promotions.

Working harder and socialising with a zeal prompts this cohort to be perennially connected and smartphones are keeping urbanites glued. The average wealthy single urbanite spends 20 hours a week on smartphones.