The World On arirang

An era of 5 million single-person households!The number of single-person households has increased five-fold since 1990, when there were just 1.02 million. By 2030, their spending will amount to 162 billion dollars. Single-person households are emerging as a new agent of consumption. With their numbers increasing, consumer culture is changing rapidly. This has led to the new term '1conomy,' which refers to a 1-person economy. As a culture of eating, drinking and traveling alone develops, products and services are being offered in the consumer market accordingly. Consumption trends are also focused around the YOLO (You Only Live Once) lifestyle which emphasizes personal happiness in the present. Single-person households are transforming the landscape of the economy and industry. We report on the prospects of the 1conomy, a key topic of 2017.