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The economy of love: Are dating apps doomed?

The dating app industry, despite criticism from psychologists, generates billions of US dollars a year. This ‘love economy’ has changed our lives beyond recognition.

However, almost half of consumers say they feel frustrated when using such apps, and members of the so-called ‘Generation Z’ are increasingly turning to live communication in search of their other half.

What does the future hold for the dating app industry?

The internet has changed the way we date, and psychologists believe it is not for the better. The abundance of choice in terms of partners and spending time corresponding with people without any idea of who they really pose mental health risks. The ease of choice, or the illusion of choice offered by dating apps, reduces the chances of meeting someone who you really click with in real life.

This is confirmed by a Pew Research Center study in 2020, which found that 45 per cent of people were disappointed when using apps, and 60 per cent of young girls and women said they had received intrusive messages even after expressing disinterest in a candidate. In addition, more than half of people received unwanted photos of a sexual nature, and the same proportion said they thought apps were an unsafe way to meet.

While the use of apps was not declining before COVID-19, recent studies show that interest is waning. So-called millennials, those born between 1996 and 1981, have grown extremely tired of online dating, even though for this generation finding a mate used to be a natural process.

Younger Generation Z (27 years and younger) are even less likely to use Tinder, Hinge, Bumble, and other apps, preferring to meet their other half through mutual acquaintances.

Surprisingly, it is this generation of young people, who spend over 8 hours in front of their phone screens, that miss live interaction the most. We might consider that the younger generation is more aware, having matured in a time of climate activists and quarantines that have forced them to turn inwards, but they are not the only ones who are choosing alternatives.

Also Read: To bumble or not to bumble: Does Asia need its own dating apps?

The 2024 D.A.T.E. (Data, Advice, Trends, and Expertise) report shows that many members of Generation Z rank fear of rejection and feeling uncomfortable among their top concerns when using instant dating apps. Millennial daters may have more experience of rejection, but this does not mean that they are comfortable with this scenario.

In search of a genuine connection

Dating apps are losing their appeal among all age groups. The majority of users of the recently launched Joiner App, a matchmaking and leisure app, are millennials, three-quarters of them women aged 25-40. They are happy to stop feeling the tension of a targeted search for a mate and rather find their circle of people based on their interests.

Millennial women don’t have the time to waste corresponding with 30 different people and then being disappointed every time they meet in person. The sociability, the ability to share positive emotions with people with whom you have a lot in common, is something else.

When we talk to the Joiner App community, we hear although people are often looking for their other half, they prefer to be friends first. They are fed up with the brutal push by apps to build a relationship faster without a foundation because it’s just not real.

Every relationship psychologist will agree that to have a successful commitment, one needs to go out there, not spend time on apps, create a false image of oneself, and also see potential partners.

According to statistics, the majority of ‘Generation Z’ women delete dating apps within the first month of use. Old-fashioned? I don’t think so.

I believe that our future will be different because people’s minds are changing. We are finally recognising that each of us wants the natural, real connection that many of us have lost. The millennial generation has had enough of virtual communication and is seeing the consequences.

The market is changing, their desire to communicate in person is replacing virtual illusions. This is why the world is witnessing a boom in socialisation projects and community building. It is impossible to ignore these trends because people’s needs are very clear. What is old-fashioned to whom today? The answer is obvious.

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