Dating Is Getting More Expensive — and It's Changing How People Spend
Love may be a many-splendored thing, but it’s also a very expensive thing — at least if you’re actively dating. The cost of a romantic night out has gotten so high that even Cupid is wondering whether he should conserve some arrows.
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Reporting from Forbes indicates that many American singles are keeping their toes out of the dating pool because they fear drowning in debt. Are they potentially better off sighing into a pint of ice cream on the couch every Saturday night?
MoneyLion loves love, so we investigated why dating has gotten more expensive and found some surprising ways this trend has changed singles’ spending habits.
Inflation Has Killed the Mood
According to Jesse Singh, CEO and founder of Maadho, inflation is the top factor driving the rising cost of dating.
“A standard dinner for two in most U.S. cities runs $80 to $120 before tip today, compared to roughly $50 to $70 just five years ago at the same type of midrange spot,” Singh said. “That’s because restaurants were attacked on all fronts with food costs, labor shortages and rent, so they had no option but to pass all of it on to the menu.”
Talk about a major vibe killer. People may be hesitant to try a chic candlelit dinner if their budget could get burned.
Dating Apps Have Changed Expectations
While inflation is definitely a factor in how the financial aspects of dating have changed, it’s not flying solo as a culprit. Singh also pointed the finger at dating apps, arguing that they’ve changed the standard expectation for what a date should cost.
He said certain apps have built their entire user experience around how well people “perform” for prospective dates by coming up with clever responses to prompts. These apps also reward more polished profiles with more matches.
Singh added that this experience teaches daters they “need to work hard and put on a show to get results.” When it’s time to plan a date, they might feel compelled to keep up appearances by choosing a fancier, costlier option.
“The average North American dating app user spends $20 to $40 a month on dating apps,” Singh said. “And when they finally meet the person they’ve been spending money on, spending $100 on dinner seems like the logical next step.”
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Dates Are Getting More Casual
Despite this glum news about costs, love will find a way. Melanie Musson, a finance expert with Quote.com, shared that instead of warbling “All By Myself” into a hairbrush à la Bridget Jones, singles are getting more creative and less traditional about planning dates.
“A lot of couples are changing the traditional date to one that doesn’t require spending a lot of money,” Musson said. “For example, instead of going out for dinner, they pack sandwiches and take a hike.”
Musson mentioned a few other cost-effective alternatives to the dinner date:
Getting breakfast
Going for coffee
Enjoying a walk
Exploring a farmers market
Seeing a parade
Attending a free library event
She’s observed the shift away from the traditional dinner-and-drinks date, particularly early on in relationships.
“You don’t want to put a big investment into something that may or may not work out,” Musson said.
The Bottom Line
Love may lift us up where we belong, but it doesn’t have to inflate our budgets at the same time. Though inflation and dating-app culture have driven up spending, there are still fun, creative and romantic ways to date without overspending.
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This article was provided by MoneyLion.com for informational purposes only and should not be construed as financial, legal or tax advice.
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