Whoever said love don’t cost a thing wasn’t picking up the tab.
‘Cause according to RateSupermarket.ca, love definitely has a price…and a big one at that.
Casual dates, weekend getaways, flowers, gifts – the cost of love is increasing every year.
The personal finance comparison site released its annual findings and it stated that the costs linked to romance for Canadian couples has increased by 22.8 per cent just since last year. (They’re up 41 per cent since the inaugural survey in 2013.)
The latest “Cost of Love” study analyzed the average expenses associated with a one-year dating period, one-year engagement and the average Canadian wedding.
The findings found that romance (from start to finish) will cost Canadians $61,821.60 in 2016.
RateSupermarket says that the failing loonie is responsible for driving up the cost of travel and dining out, which will account for a greater portion of the dating budget this year.
Penelope Graham, Editor at RateSupermarket, says that while economic factors such as a low loonie aren’t romantic, couples need to take them into account when planning leisure activities and travel.
“With consumer spending power on a decline, Canadians will see their dollars stretched on fancy dinners out and romantic getaways,” said Graham. She also noted that for couples planning significant financial milestones, like weddings or anniversaries, this year may be especially hard on the wallet.
Here’s the study’s full breakdown of the cost of love, which they found by conducting a cost analysis on the top expenses faced by couples, from casual dating to weddings: