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Kristian Rouz – Love will undoubtedly save the world eventually, but Cupid starts small, having supported UK consumer spending in the tumultuous post-Brexit reality of the UK economy last year. The key UK economic indicator, driving some 79pc of GDP, gained some traction last year in part due to the average spending per date in the Albion having outperformed that in continental Europe almost twofold.
The slump in the pound sterling’s FX rate, accelerating UK inflation and the erosion in consumer confidence have all failed to hold back British spending on romantic endeavours.
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This average amount, spent by both parties going on a date, includes such expenses as transportation to the location of a romantic encounter, clothing, cosmetics, food and beverages, and entertainment, and it all contributes to the expansion of the UK economy.
Roughly half of this money (48pc) goes to entertainment venues, such as pubs, cinemas, cafes and restaurants – some £2.8 bln of gross revenue of such venues in 2016 came in from dating, the CBR study discovered.
However, the macroeconomic headwinds have also contributed to a shift in dating habits in the UK – many people tend to have a date in the comfort of their own home rather than going out: inflation bites and wages are rather stagnant despite the ‘full employment’ situation in the labour market.
This nascent trend is reflected by the recent increases in cable subscriptions and take-away food and drink orders.
In-home entertainment is “playing a part in changing the way that we date”, said Abbie Oguntade of Northern European Hub at Match, the online dating service.
The CEBR study scrutinized the dating stories from some 9,600 people in several European nations, including 1,750 in Great Britain only.
“…There is no denying that (dating) activity has a noticeable economic impact. Dating makes an essential contribution to the high street, directly helping a range of industries like retail, food and drink and entertainment,” Daniel Solomon of CEBR said.
A detailed breakdown of typical date spending in the UK reflects the higher economic viability of dating at home rather than going out. Given the average date costs £129.30, entertainment venues would drain some £61.50 out of the date-goers’ budget, whilst eating in would cost only £8.20. Services, such as hairdressers, would cost an average £6.50, and cosmetics cost another £6.20. Clothes add some £23.50 to a date’s budget, and contraceptives contribute another £4.70, whilst gifts cost an average of £7.20.
