Market Insights eCommerce Dating Services

Matchmaking - Cyprus

Cyprus

Revenue in the Matchmaking market is projected to reach US$0.83m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.38%, resulting in a projected market volume of US$0.98m by 2029.
In the Matchmaking market, the number of users is expected to amount to 14.6k users by 2029.
User penetration will be 1.0% in 2024 and is expected to hit 1.1% by 2029.
The average revenue per user (ARPU) is expected to amount to US$66.68.
In global comparison, most revenue will be generated in China (US$1,211.00m in 2024).
With a projected rate of 3.8%, the user penetration in the Matchmaking market is highest in South Korea.

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Analyst Opinion

The Casual Dating market in Cyprus is experiencing significant growth and development in recent years.

Customer preferences: In Cyprus, there is a growing trend towards casual dating as individuals seek more flexible and non-committal relationships. This shift in customer preferences can be attributed to various factors, including changing societal norms, increased urbanization, and the influence of Western culture.

Trends in the market: One of the key trends in the Casual Dating market in Cyprus is the rise of online dating platforms and mobile applications. These platforms provide a convenient and discreet way for individuals to connect with potential partners, offering a wide range of options and allowing for easy filtering based on personal preferences. The availability of such platforms has significantly expanded the pool of potential matches, making it easier for individuals to find like-minded partners. Another trend in the market is the increasing acceptance and normalization of casual dating. As traditional social norms around relationships and marriage continue to evolve, more people in Cyprus are open to exploring casual dating as a legitimate and acceptable option. This trend is particularly prevalent among younger generations who prioritize personal freedom and independence.

Local special circumstances: Cyprus is a popular tourist destination, attracting visitors from all over the world. This influx of tourists has contributed to the growth of the Casual Dating market in the country. Many tourists are looking for casual relationships or companionship during their stay, and local dating platforms cater to this demand by providing a platform for locals and tourists to connect.

Underlying macroeconomic factors: The economic stability and prosperity of Cyprus have also played a role in the development of the Casual Dating market. With a strong economy and high standard of living, individuals in Cyprus have more disposable income and leisure time to invest in their personal lives. This has created a favorable environment for the growth of the casual dating industry, as people are more willing to spend on experiences and relationships. In conclusion, the Casual Dating market in Cyprus is witnessing significant growth and development due to changing customer preferences, the rise of online dating platforms, increasing acceptance of casual dating, and the country's economic stability. These factors have created a conducive environment for the market to flourish, providing individuals with more options and opportunities for casual relationships.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on Gross Merchandise Value (GMV) and represent what consumers pay for these products and services. The user metrics show the number of customers who have made at least one online purchase within the past 12 months.

Modeling approach / Market size:

Market sizes are determined through a bottom-up approach, building on predefined factors for each market segment. As a basis for evaluating markets, we use annual financial reports of the market-leading companies, third-party studies and reports, as well as survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, GDP per capita, and internet connection speed. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing. The main drivers are internet users, urban population, usage of key players, and attitudes toward online services.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. GCS data is reweighted for representativeness.