Netflix and chill: Young Koreans opt for 'stay-at-home dates' as living expenses rise

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Netflix and chill: Young Koreans opt for 'stay-at-home dates' as living expenses rise

Published: 03 Oct. 2024, 19:12

JIN EUN-SOO
jin.eunsoo@joongang.co.kr

A couple looks at flowers in a plaza in Jongno District, central Seoul, on Sept. 29. [YONHAP]

The younger generation in Korea is opting for stay-at-home dates, cutting back on date budgets as the cost of living continues to rise while pay stays the same.

Going out has become somewhat of a luxury to people in their 20s and 30s, according to industry data.

A recent survey done by research institute run by weekly magazine Daehak Naeil showed that 24.5 percent of the surveyed Gen Z, defined as those born between 1996 and 2009, consider a “lover” unnecessary in life. It ranked No. 2 among options.

Among all age ranges, Gen Z was the only demographic that had “lover” rank in the top three, meaning that those who are actively engaged in the labor market tend to consider dating irrelevant to their lives.

Even for those who go on dates, staying at home to spend less is increasingly becoming a norm.

“I cooked [with my girlfriend] at home and watched Netflix over going to the theater,” said Lee, a 31-year-old Seoulite who recently married his girlfriend after saving up to put down the deposit for an apartment.

“When we want to go outside, we opt for hiking to spend less. Thanks to this, we were able to come up with a fund to make lump-sum deposit for our newlywed home.”

The average cost per date among people in their 20s and 30s came to 74,700 won ($56) last year compared to 79,600 won in 2022, according to a survey conducted on 500 people by Gayeon, a matchmaking service in Korea.

The amount of credit card transactions has shown 9 percent year-over-year drop as of early August of this year among people in their 20s, according to data from Woori Financial Research Institute. People in their 30s and 40s also showed a 0.3 percent and 1.4 percent drop in their spending.

Theatergoers buy tickets at a cinema in Seoul in June. [YONHAP]

Theaters, a go-to destination for dates, have seen a drastic drop in revenue partially due to such trends. Theaters in Korea posted sales of 1.3 trillion won last year, which translates to two-thirds of the sales posted in 2019 before the Covid-19 pandemic. The number of theatergoers also dropped by more than 100 million during the cited period.

Other destinations for dates also struggled. The number of small-scale bars dropped by 37 percent during the cited period, recording the largest drop among the top 100 livelihood businesses, according to data from National Tax Service.

While spending on dating is slowing down, it is the other way around for marriage, indicating that the so-called buildup phase for marriage is diminishing.

The number of marriage consulting agencies rose by 21 this year compared to 2019, the National Tax Service data showed. Revenue at Duo, a leading agency in marriage consulting, showed 6 percent growth in 2023 compared to the previous year.

“Clients who make visits to marriage consulting agencies have stronger will than before about getting married despite the fact that the number of people in general who don't want to get married is on a constant rise,” said one industry insider.

“People are concluding that it's more logical to verify the partner's wealth, job and education through the agency.”

The dating recession among the young generation is expected to prolong.

“Under the current rigid industry structure and stalled economic situation, the younger generation, who is relatively more vulnerable than other demographics, is likely to have harder times in their daily lives, including marriage and dating,” said Ha Joon-kyung, an economics professor at Hanyang University. “There needs to be support and investment for youngsters to have decent jobs and for companies to make quality positions.”

BY IM SOUNG-BIN [jin.eunsoo@joongang.co.kr]