RateSupermarket.ca’s 4th Annual Cost of Love Study Finds Price of Romance Increased 22.8% Year Over Year
Sorry Cupid - according to RateSupermarket.ca’s most recent Cost of Love study, you’re about as cute as the tax collector.
The 2016 edition, which crunches the costs associated with a one-year dating period, one-year engagement and the average Canadian wedding, finds the price of romance has increased 22.8% from last year - and a whopping 41% since the study’s 2013 debut.
Why are the costs of coupledom on the rise? This year’s findings highlight the cost of travel and dining out - exacerbated by the loonie’s recent tumble to about $0.70 USD - account for a greater portion of the dating budget.
“While not terribly romantic, it’s important for couples to take economic factors, such as the strength of the dollar, into account when planning leisure activities and travel,” says Penelope Graham, Editor at RateSupermarket.ca. “With consumer spending power on a decline, Canadians will see their dollars stretched on fancy dinners out and romantic getaways. For couples planning significant financial milestones, this year may be especially hard on the wallet.”
The Achy-Breaky Budget Breakdown
To find the total cost of love, RateSupermarket.ca conducted a cost analysis on the top expenses faced by couples, from casual dating to wedding day. Check it out:
One Year of Dates: $10,683.84
12 Fancy Dates: $3,330.50 Avg cost: $277.54
(nice dinners + theatre tickets)
24 Casual Dates: $521.22 Avg cost: $21.72
(12 takeout dinners, 12 coffee dates and a Netflix subscription)
12 Movie Dates: $570.96 Avg cost: $47.58
(movie tickets, concessions)
2 Weekend Getaways: $1,251.50 Avg cost: $625.75
(1 night stay + $100 credit card bill)
1 Beach Vacation: $3,523 Avg cost: $1,761.50
Other Expenses: $1,486.66
(Flowers: $140, Men’s Wardrobe: $1,346.66)
One-Year Engagement: $12,164.76
Another Year of Dates + 50% Wardrobe update: $5,178
Engagement Ring: $4,986.75
Engagement Party: $2,000
Tying the Knot: $38,973
The Bride: $2,105
The Groom: $637
What do you think about the 2016 Cost of Love? Share your thoughts in a comment.