"I Don't Spend a Penny on Dating"... "Dating Is a Luxury" Sparks Birth Rate Warning [The World is Z Gold]

Generation Z Cuts Back on Dating Expenses
"Student Loan Debt and Soaring Housing Prices... Rising Economic Pressure"
Preference for 'Cost-Effective Dating' on the Rise

Editor's NoteGeneration Z (those born in the late 1990s to early 2010s) is gaining attention as a generation that leads culture and trends in a rapidly changing era, setting new standards across society. In [The World is Z Gold], we shed light on the lives and values of Generation Z around the world, and explore how they are transforming society.

Pixabay

Recently, so-called 'no-spend dating' has been spreading, particularly among Generation Z in the United States. Instead of going to movie theaters or upscale restaurants as in the past, many now prefer to cook together at home or watch online video services (OTT) such as Netflix, minimizing dating expenses. As economic burdens such as high inflation and low incomes affect young people, analysts say dating habits are also becoming increasingly practical.

Average Monthly Dating Expense: $0

According to the 'Better Money Habits' report recently released by Bank of America (BoA), more than half of Generation Z in the United States do not spend any money on dating. Among 915 men and women aged 18 to 28 who participated in the survey, 53% of men and 54% of women responded that their average monthly dating expense was $0. In addition, 25% of men and 30% of women said their monthly dating expenses were less than $100 (about 139,000 won), clearly showing a trend among young people to minimize dating costs.

HR consultant Brian Driscoll told the American weekly magazine Newsweek, "I don't want to call Generation Z 'stingy'." He explained, "Generation Z is extremely financially cautious and has experienced economic crises, student loan debt, and soaring housing prices from an early age." He added, "In a situation where even paying rent is difficult, it's only natural that spending on dating is challenging." Economic difficulties such as high inflation and housing shortages are also affecting the way Generation Z approaches relationships.

Dating styles are also changing compared to the past. Previously, it was common to enjoy dates at expensive venues such as movie theaters or amusement parks. However, recently, there is a growing preference for 'home dates,' spending time together at home rather than going to special places. There is also a spreading trend of enjoying casual meetings, such as taking light walks together.

However, some are concerned that Generation Z's restrained spending habits could ultimately lead to lower birth rates. Kevin Thompson, CEO of 9i Capital Group, pointed out, "Generation Z is living in an inflationary environment that even their parents did not experience." He explained, "Living expenses are soaring while wages remain stagnant, making choices like dating or marriage financially burdensome." He warned, "Ultimately, this trend could lead to a decline in birth rates." He added, "With childcare costs being excessively high and economic uncertainty persisting, forming a traditional family is becoming an increasingly unrealistic option for many young people."

Average Dating Expense in Korea: 74,700 Won

In Korea as well, many young people feel burdened by dating expenses. According to a survey conducted last year by matchmaking company Gayeon among 500 men and women aged 25 to 39, the average spending per date was 74,700 won. In particular, people in their 20s spent an average of 71,000 won, while those in their 30s spent 78,400 won. With an average of four dates per month, the monthly dating expense amounts to about 300,000 won, which is a significant burden for young professionals whose average annual salary is only in the 30 million won range.

In this context, the perception that "dating is a luxury" is also spreading. According to a generational values survey conducted last year by the Daehaknaeil 20s Research Institute, among young people aged 15 to 28, the most frequently cited "non-essential" item in life was a car (33.3%), followed by a romantic partner (24.5%), and a mentor (23.3%). Notably, young people were the only generation to consider a romantic partner as a less important factor.

Some experts point out that to address the phenomenon of young people avoiding romantic relationships, it is essential to support the formation of interpersonal relationships. The Financial Times (FT) of the United Kingdom analyzed, "Declining birth rates in the United States, Finland, Korea, Turkey, Tunisia, and Thailand are increasingly being accepted as a result of young people avoiding romantic relationships." The article continued, "When there is no romantic partner to begin with, government subsidies to encourage childbirth may be a misplaced remedy." It emphasized, "Policies that help people build relationships may be more effective than those that simply encourage having children."