High inflation is causing single individuals to adjust their spending habits when considering outings for a first date, according to a recent survey conducted by Match Group Inc.
Eighty-four percent of singles say they would prefer a casual first date to spend instead of an expensive outing, according to Match, which owns dating apps such as Tinder, Hinge, OkCupid, and Plenty of Fish.
Furthermore, 30 percent of singles are now open to doing a free activity on a first date, while 29 percent say they would rather go on a date closer to home to save on gas. Respondents also indicated they would prefer to eat a home-cooked meal rather than go out for dinner, meet a date for a drink or coffee instead of a full meal, and go to inexpensive restaurants to save money.
Singles daters are currently spending $130 per month–a total of $1,560 per year–on their dating lives, which is up by approximately 40 percent from the past decade.
Inflation is also causing 30 percent of singles to look for a more financially stable partner, the survey found.
A key measure of inflation showed prices soaring by more than expected in June. https://t.co/6kPCm40COZ
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“Singles, more than ever, are open to free dates. They are mindful of the time, energy and money that they’re spending on those initial encounters,” Rachel DeAlto, Match’s chief dating expert, told CNN.
DeAlto added that singles are opting for more cost-friendly options such as parks, noting that it does not require “extra money and time.”
At a conference earlier in December, Match chief operating officer Gary Swidler said that he is noticing younger users are moderating their dating approach due to current economic instability. “Less affluent people are being more careful,” he said.
According to the Bureau of Labor Statistics, inflation is 7.1 percent higher than last year, while the cost of eating out is up by 8.5 percent, and alcoholic beverages away from home are up by 7.1 percent.
The number of participants in the Match-funded survey includes over 5,000 single men and women between the ages of 18 to 98. The survey was conducted by Dynata in association with renowned anthropologist Dr. Helen Fisher and evolutionary biologist Dr. Justin Garcia of The Kinsey Institute at Indiana University.
You can follow Ethan Letkeman on Twitter at @EthanLetkeman.