The Cost of Dating in 2024: How Infla-dating is changing how we date & how to date on a budget
What’s love got to do with it (money)?
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Inflation has hit our pockets hard in 2024. From housing, energy, groceries, to a basic coffee, everything is up.
Now it’s hitting our hearts and affecting our dating life more than ever! According to ING, in 2022 Aussie singles spent $43 billion on dating, almost four times more than the $11.7 billion in 2017.
It appears the tax for being single has never been higher, and dating habits are changing as a result.
Single Tax: the price you pay for not being in a relationship
According to research from Compare the Market, singles are forking out more money, time and effort for their rent, groceries, travel plans, health insurance and dates than their coupled-up counterparts. Many of life’s expenses cost the same whether you’re in a couple or single. For example, the study shows single people are potentially forking out more than $13,494 – $14,820 more per year on housing. It’s not an easy time to be single.
Cutting out dating in a cost of living crisis
A third of singles are electing not to date seeing it as a financial burden they cannot budget for. Dating app-related expenses are being reduced by 43.7% for Gen Z and 40.9% for millennials. The newly single of us feel the pinch as well. Stating that because of finances, they are returning to exes they know they are not compatible with, at the expense of promising new connections.
As dating habits change, however, they can also change for the better. While the vibe around dating in this economy is bleak, the desire for connection is still there. It is here we are redefining how we build connections, which is seeing a new trend emerge: infla-dating.
While you cannot put a price on love, you can on being single! Let’s examine that current single tax, our changing dating outlook and how to take advantage of infla-dating.
Infla-dating:
As you can probably guess by the name, the trend refers to the phenomenon of single millennials and Gen Z embracing more budget friendly date options in response to the escalating costs of everyday necessities such as food and fuel. This isn’t just for singles, it also applies to those who are in long-term relationships because everything is expensive right now. Who can afford a fine dining date night?!
The Single Tax – What is it & Crunching the Numbers
You rolled the dice on the monopoly board this year and landed on single, please go back three spaces and pay your single tax.
The single tax is the higher cost singles bear compared to couples when paying rent, travel, and utilities etc. It also extends to the cost singles spend on dating.
How much more does it cost to be single?
In 2023 CoreLogic and Compare the Market surveys showed Australian singles alone spent on average $519.00 on rent, and $194.22 on groceries weekly. Annually singles could pay more than $13,494 - $14,820 than their coupled-up friends.
How much does it cost to date?
If we were to track dating expenses in our monthly Excel spreadsheet, we would add an estimated $158.00 per date. If we break it down by gender, men estimate they spend $233.00 and women $101.00 per date. All in, according to Choosi’s 2023 report, the monthly average of dating has now come to $384.28 with an added $66.53 on date preparation.
Dating app subscriptions are driving up costs the most with an average $50.00 added to dating costs for those who use them.
If those numbers were accurate for me, I know my accountant would get involved in my dating life very quickly. So how has the rise in costs changed how we perceive common dating habits?
here’s $something we prepared earlier..
Do people still spend money on first dates & Infla-dating
Quality over Quantity & Compatibility
Dating was once considered a numbers game, we accepted we may have a few bad dates that had the personality of a damp cloth. A first date is always a gamble, but now they come with a bit more risk with those pricey cocktails that sting your pocket at $25 a pop.
It feels like you can’t leave your house without spending $40, so many now take the view that dates aren’t worth what they cost. This has prompted a wave of singles to take a break from dating, and spend money with friends and on experiences instead. However, when they return to dating, they do so with more intent and screen others for quality and compatibility.
The Rise of The Pre-date, date
Pre-date screening is when you have a quick catch up with someone, think a FaceTime or a coffee, for no more than 30 minutes (ideally 10 minutes), to see if you vibe with them, instead of finding this out on a two hour, and sometimes costly, pre-planned date.
Pre-dates aren’t a new concept, but they are having a resurgence in popularity as they allow you to:
See if you have enough chemistry for a “formal” first date
See you want to spend money on a proper date with eachother
As daters scale back to one date a month, pre-dates have become quite normal.
Wondering how to set up a pre-date?
Ask them for a coffee near work. Saves you travel time and cost, and you don’t have to ‘get ready’. If it doesn’t go well, you only lost half an hour and still had a caffeine fix.
Gender Roles & Who Pays?
I remember when I started dating, acne and all, my mother said, “Make sure you pay Adam”. She meant well and I was happy doing so, but inflation is starting to affect good dates too. When dates go well, things flow (like drinks), and time escapes you. Chances are you will not pay attention to that bill (much like I have done until you look at your bank account the next morning while taking aspirin, letting out an audible “offt”.
With costs as they are, the “who pays” conversation is becoming more of a mutual agreement that on the first date at least, we’ll split the bill. I promise I’m not being cheap – three in four (76%) women expect to split bills whereas 45% of men still expect to pay. This has led to welcomed conversations about who should pay in dating and new standards going forward.
Infla-Dating: What is it?
Infla-dating (also known as date-flation) is a growing movement that embraces budget-friendly dates emphasising connection over blowing the budget. Nothing like a bit of forced creativity to impress a potential partner, right?
54% of daters are now opting for cost-free first dates as the preferred method of getting to know someone such as hikes or picnics. It has added a fresh take in the eyes of many, letting them go off-script from a typical bar date.
Healthy and deeper communication has also been found to be easier to have on these dates.
We usually talk about many things on a first date, but finances and goals aren’t one of them. Infla-dating promotes these discussions on the date and can help show long-term compatibility.
Lastly, it is proving to have quite the success rate. Common infla-dates around cooking meals, learning a skill, or creating a shared experience are leading to helping foster shorter and long-term relationships.
