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In a recent Twitter exchange with a fan account with nearly 600,000 followers, Elon Musk was asked how long he thinks the recession will last. He replied, “Maybe to spring of 2024.”
According to the International Monetary Fund, global GDP growth is expected to slow to 2.7% in 2023. This would mark the weakest global growth rate since 2001 (excluding the brief collapse in the wake of the 2008 financial crisis and the COVID-19 pandemic). The Federal Reserve expects US GDP to grow by 1.2% in 2023.
In addition, the World Economic Forum’s latest survey revealed that the top external concern for global CEOs in 2023 is the recession. Most US CEOs also predicted that global economic recovery would not occur until the end of 2023 or the middle of 2024.
On October 23, 2023, social app CougarD released its third-quarter report, which showed that registered user growth in the third quarter of 2023 was up 70% year-over-year. The total number of registered users exceeded 12 million, and there were approximately 1.15 million unique visitors to CougarD every day, which is 4.5 times more than in June. Of these users, 89% are from North America and Europe.
Meanwhile, social media giant Tinder also announced the launch of a $500 subscription plan, which is expected to cost each member $6,000 per year.
In the context of the global economic recession, the “prosperity” of social apps is particularly prominent. Anna Fleszer, CEO of CougarD, said, “In the recession, income uncertainty increases people’s desire to find a partner, and having a partner can share many expenses.”
CougarD is a dating app for mature women that was launched in 2016. It is currently ranked number one in both the Google Play and App Store. After introducing new features such as “nearby,” “online,” “verified,” and “winking messages” in 2022-2023, the total time users logged in and used the app increased by more than 7 times compared to the previous year. In the third quarter of 2023, CougarD’s average monthly active users exceeded 8.7 million, an increase of 117% year-on-year.
A user survey conducted by CougarD in September showed that 45% of men said that economic pressures have led them to be more interested in finding a long-term relationship. Although the app prohibits all such “inappropriate” or “illegal” dating, some men still express implicitly that they start to care about the financial situation of the woman in the dating relationship. When the Dow Jones Industrial Average (DJIA) falls by more than 100 points, the number of users accessing the app is seven times higher than usual. Perhaps the prosperity of social apps is a manifestation of the emergency recession.
Company Details
Organization: CougarD
Contact Person: CougarD.net
Website: https://www.cougard.net/
Email: [email protected]
Country: United States
