RateSupermarket.ca's study found the economic impact of the same sex wedding

RateSupermarket.ca’s Latest “Cost Of” Study Finds Big Bucks in Wedding Bells

Toronto, Ontario – June 26, 2013: $566,585,415: That’s the potential contribution of same sex weddings to Canada’s economy.

In the spirit of Pride Week, RateSupermarket.ca, Canada’s comprehensive financial rates comparison site, has released an in-depth look at the economic opportunity presented by same sex weddings and equality for all. The findings? An injection of hundreds of millions of dollars into Canada’s $4-billion-per-year wedding industry.

The study also found the average Canadian wedding to cost $26,961, bringing to light the need for all couples to take a unified stance on money management, as affording life’s financial milestones can present significant savings challenges.

“It’s important for couples to be on the same page when it comes to financial goals,” says Penelope Graham, Editor at RateSupermarket.ca. “Whether you’re planning a wedding, a family, to buy a home, or even the monthly budget, it’s vital to share your finance attitude and strategy with your partner.”

RateSupermarket.ca has created an infographic titled “The Same Sex Wedding Gift To The Economy” (SEE BELOW), which further breaks down these costs, as well as a history of same sex marriage in Canada.

A Breakdown of the Biggest Wedding Costs:

  • The Venue: $9,255.00

  • Rings/Bands: $2,470.00

  • Wedding Attire: $1,847.00

  • Photographer: $2,206.00

Same Sex Marriage By The Numbers:

  • $566,585,415: (based on 21,015 same sex marriages as of 2011, and an average cost of $26,961 for the Canadian wedding)

  • 6,291,099: total marriages in Canada*

  • 21,015: same sex married couples in Canada*

  • 0.3 per cent: The percentage of same sex marriages compared to total marriages in Canada.

*Statistics Canada: Portrait of Families and Living Arrangements in Canada

About RateSupermarket.ca (www.ratesupermarket.ca)

Over 3 Million Canadians have found their best rate for personal finance products on RateSupermarket.ca. Launched in 2008, RateSupermarket.ca is Canada’s largest and 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.

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