Dating trends amid COVID-19: Millennials spend an average of $69 on first dates

The Balance Editor-in-Chief Kristin Myers joins Yahoo Finance Live to discuss millennial dating trends, including how much is spent on the first date, splitting the bill, how heavily vaccination status is considered, and Valentine's Day spending.

Video Transcript

- Well, the advent of social media and dating sites like Bumble and Tinder have changed the way young people meet and date. Here with some of the big differences is no stranger to this show, Kristin Myers, "The Balance" editor-in-chief. Kristin, I'm meeting you for the first time but you're amidst family here. So thank you for coming on.

First of all, I love the segment idea. I do just have to say that thank god I got married when I did. I do not have to go through all of the dating, and all of the rituals, and social media that people like my daughter, who's 22, have to deal with today. I went on one date, I got engaged. Six months later, I was married, never been happier.

But that is far from what the norm is today. There are a lot of differences and a lot of changes. One of them surrounds money and how much, you know, people spend on their dates. Give us a little bit of a sense-- how does that work out?

KRISTIN MYERS: Yeah, Karina, you're going to have to share with everyone, honestly, what tips, or tricks, or magic spell you were able to use to avoid the--

- Arranged marriage. Arranged marriage.

KRISTIN MYERS: I was going to say, because it's rough out-- it's rough out there for most people, at least in New York City. Yes, so we did a survey of folks like your daughter to see essentially how they are approaching dating and their finances. And we found that on average, they're spending $69-- I did not make that up-- $69 on average, at least when it comes to their first date.

And they have some very interesting thoughts on how they should be paying for their date, how much they should be paying for the date. You know, most of the daters that we surveyed actually said-- and over half, 62% to be exact-- said that when you go out, that you actually should be going Dutch and splitting the date.

And that actually is a little bit different from what I was even told when I was a little bit younger that, you know, if I was asked out on the date, the other person should be paying. But no, a lot of younger daters nowadays, they think completely differently. I will say, however, that if you do pay for that date and if you pay a lot, your chances of getting a second date are definitely going to increase for that second time around.

ALEXIS CHRISTOFOROUS: I would think so. But we have to talk about the elephant in the room, which is COVID. I mean, how has COVID changed the way people are thinking about dating? Does it matter to them, you know, if somebody is vaxxed or not?

KRISTIN MYERS: No. It's a big fat no, Alexis. I was actually completely surprised to hear this. I mean, every day all we're talking about is the pandemic and the new Omicron's variant. And at least when it comes to daters, they are just shrugging their shoulders completely.

Only 15% have actually said that they would not date someone if they were not vaccinated. The other 85%, it's a big fat meh from them. They do not seem to care, and they do not seem to mind at all.

I will say that when it comes to political differences, there are none. So we have some bipartisanship, at least when it comes to daters that are Democrats and Republicans. Neither one of them seem to care too much about vaccination status or, really, about the pandemic when it comes to finding a partner.

- You know, Kristin, I've got to tell you a story that makes me cringe every time I tell it, because my son, you know, and he's 25 now. When he first started going out on dates, he would go out, and he said, mom, give me, like, $10. And I said, why do you just need $10? Don't you need more if you're taking out a girl?

And he looked at me straight in the face and he said, do you think I'm paying for the date? They have the pleasure of my company, they are paying. And I said to him, well, you're never going to get a second date. But he kept getting those dates. So it worked for him for a good while. So you know, I think relationships definitely have changed. But I want to ask you, how big a deal is Valentine's Day to couples these days?

KRISTIN MYERS: You know, a lot of daters, at least that we surveyed, have said that they are going to be celebrating you know Valentine's Day. And over half so that they're actually going to be spending a little bit more than your son-- up to $100. A quarter are actually going to be spending up to $250.

And I'll tell you what, Karina, they're absolutely going to need it. Of course, we got those inflation figures out today-- 7% last month over the year. Everything is getting more expensive. We've just already kind of started to take a look at the cost of roses, of chocolates, of diamonds, of gold, and of silver-- all of those things much more expensive.

So for anyone out there that is dating and is planning on buying a gift or even going to the grocery store and buying some groceries to make a Valentine's Day dinner, you're going to be spending more this year than you were last year. So you're going to have to, I think, dig a little bit deeper into your pockets or, perhaps, hit up Karina's son to maybe get some of those tips and those tricks to only spend $10 on one of those dates.

ALEXIS CHRISTOFOROUS: Yeah, Karina and her family sort of have the magic when it comes to dating. I don't know. That's, like, for a whole other show. But, Kristin, before we let you go, are young people actually budgeting in dating and, you know, how much it's going to cost them to go out on dates?

KRISTIN MYERS: You know, they are, Alexis. Actually, an overwhelming amount of them. 3/4, almost 75%, are actually saying, you know what? I am spending-- to date, they're saying they're spending about $250 a month to go out there and find love. And they are putting that into their budgets.

So it is at least a good thing to see that if they're going to be going out there and spending money regularly, that they are including that at least in their monthly spending budget. So at least they're good on the personal finance front.

- I am still just so glad that I'm over and done with, otherwise I would be a nun in a convent. We will leave it there. Kristin Myers, "The Balance" editor-in-chief, thank you so much for coming on today.