History has shown that in times of crisis, whether it’s a plunge in the stock market, a devastating earthquake, hurricane Katrina, or something as epic as September 11th, people tend to turn to dating sites in times of need.
The stock market crash of 1998 is a perfect example of this. Some dating sites reported as much as three times as many new memberships than usual on September 29th when the stock market fell 700 points. It was the best single day in their entire history. According to Gian Gonzaga, senior research scientist at eHarmony, "It makes a lot of sense. People seek out companionship in times of stress. Studies repeatedly show that being in a relationship can help a person’s psychological and physical health."
Online dating services like PerfectMatch.com and Match.com say that the bad economy is resulting in increased growth and paid memberships for people looking for love. Match.com announced this month that November was its strongest month for memberships in more than seven years.
"During these trying times, people are looking for hope in their inbox and they are finding it on Match.com," says Thomas Enraght-Moony, CEO of Match.com.
Match.com is one of the largest online dating services, with more than 15 million current members.
During the mid-summer to early fall time of increasingly high gas prices, mass layoffs, and banking scandals, online dating service PerfectMatch saw a 47% increase in memberships for its dating service.
A poll done by Opinion Research Corp. also found that younger, single people who were stressed about the economy and its impact were more likely to seek out a relationship.
As an industry, no one hopes for bad things to happen, but in the end, it is good for the bottom line.