Study discovers cost of love: $61,821
Published Monday, February 8, 2016 7:14PM EST
Last Updated Monday, February 8, 2016 7:29PM EST
Love hurts sometimes, especially in your wallet, according to a new study.
The annual findings released by RateSupermarket.ca on Monday say that the costs linked to romance for Canadian couples has increased by 22.8 per cent since last year.
The study, which is the fourth put together by the financial service company, takes into account the averages expenses associated with a one-year dating period, a one-year engagement and a wedding.
This year's total cost is $61,821.60.
The company says that mark is 41 per cent higher than results from the inaugural report released in 2013.
The study points to increases in the costs of travel and eating out, which have been exacerbated by the tumbling value of the Canadian dollar, as the main reasons for the rise in romance-related expenses.
"With consumer spending power on a decline, Canadians will see their dollars stretched on fancy dinners out and romantic getaways," Penelope Graham, editor at RateSupermarket.ca, said in a statement.
"For couples planning significant financial milestones, this year may be especially hard on the wallet."
Graham stressed that it is important that couples take these factors when planning for their future.
"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," she said.
Here's the study's full breakdown of romance-related costs:
One year of dating for $10,683.84, which includes the following:
- 12 fancy dates for $3,330.50
- 24 casual dates for $521.22
- 12 movie dates for $570.96
- 2 weekend getaways for $1,251.50
- 1 beach vacation for $3,523
- Flowers for $140
- Wardrobe for $1,346.66
A one-year engagement for $12,164.76, which includes the following:
- Dates, wardrobe update and flowers for $5,178
- Engagement ring for $4,986.75
- Engagement party for $2,000
A wedding costs $38,973, which includes the following:
- Bride-related expenses of $2,105
- Groom-related expenses of $637
- Honeymoon for $2,423.5
- Ceremony for $2,875
- Reception for $15,227