The Cost of Love in Canada: $61,821.60

RateSupermarket.ca's 4th Annual Cost of Love Study Finds Price of Romance Increased 22.8% Year Over Year

TORONTO, Feb. 8, 2016 /CNW/ - 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, illustrated in this infographic.

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 and flowers : $5,178

Engagement Ring: $4,986.75

Engagement Party: $2,000

 

Tying the Knot: $38,973

Highlights:


The Bride: $2,105

The Groom: $637

Honeymoon: $2,423.50

Ceremony: $2,875

Reception: $15,227

About RateSupermarket.ca ( www.ratesupermarket.ca )
Over 7 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada's most comprehensive rate comparison site, offering visitors transparent access to the best mortgage rates as well as credit cards, bank accounts, insurance quotes and GIC rates.

SOURCE RateSupermarket.ca

For further information: Tara Bolger, Blue Sky Communications, p: 416 929 2052, e: tbolger@blueskycommunications.com

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