Yahoo Finance I do-flation: Cost of weddings ranked as top concern among majority of Canadians according to new Tip Top study
TORONTO, June 6, 2023 /CNW/ - With weddings back in full-swing, Canadians are eager to tie the knot, though there's no doubt that planning for wedded-bliss can come with stress.
According to a new study by Tip Top – a Canadian retailer specializing in menswear – more than four-in-five (85%) Canadians rank cost among their top three largest concerns when planning a wedding, followed by choosing a venue at 54 per cent, and organizing the guest list for two-in-five (40%). Selecting the food (34%), finding a day (28%) and potential conflict between family, friends and guests (15%) also add to the pre-wedding jitters.
"Your wedding will be one of the happiest days of your life, yet the planning often comes with a lot of anxiety, especially due to rising supplier costs and booked-up vendors," says Lance Itkoff, CEO of Grafton Apparel Ltd. (Tip Top). "Our goal at Tip Top is to eliminate some of the stress by making the suiting and styling process easy for the groom, groomsmen and guests. No matter what size or style of wedding, one thing that will never change is that all wedding-goers want to look and feel their best."
The unwanted wedding guest: the economy
Canadians' wallets are feeling the pinch, causing the wedding landscape to shift to become smaller and more intimate.
Tip Top's study found that more than half (57%) of those recently engaged or married (in the last two years) say they will have to modify their wedding plans due to the state of the economy. The most likely changes include:
Inviting fewer guests (28%)
Downgrading budget for entertainment, scaling back on food and décor (26%)
Cancelling their wedding celebration all together (12%)
Cancelling the ceremony to have just a reception/party instead (10%)
Additionally, when thinking about future 'I-dos', 77 per cent of Canadians shared that if they were to pay for a wedding, they are most likely to do so by using their savings. Younger Canadians aged 18-34 (57%) are significantly more likely than those 35-54 (49%) and 55+ (39%) to use credit cards to pay for a wedding.
Other means of paying for a wedding include:
Using a repayment/installment plan with vendors for one-in-four (25%)
Taking out of a line of credit (20%)
Relying on parents to pay (19%)
Borrowing money from someone (9%)
Look and feel great on the big day
Whether a member of the wedding party or a proud guest, selecting a look that makes you feel confident is key. When it comes to choosing the perfect wedding-day outfit, half (51%) of Canadians typically make use of what they already have, while one-in-three (34%) purchase a new outfit for the occasion.
For those buying a new wedding outfit, Tip Top's study found that affordability (81%) and perfect fit (71%) are by far the most important considerations for Canadians. Next up is 'alterations included with purchase' for 37 per cent – a number which rises to 41 per cent for males and drops to 33 per cent for females.
"Feeling confident at life's special moments is extremely important, which is why Tip Top offers a variety of styles that meets every individual's body, budget and style," continues Itkoff. "We make the suit-shopping experience seamless by offering a head-to-toe assortment of wardrobe solutions, proving that Tip Top is the one-stop-shop for Canadians looking to get suited up for their next big day."
Whether attending a wedding as a guest, groomsman or the groom, Tip Top has the perfect look at an affordable price. With wedding bundles starting from $199, Canadians' can buy for less than a rental and have the perfect fit for all future events.
To build a look from Tip Top's 20+ colours of suits, along with their matching dress shirts and accessories, check out the 2023 wedding season flipbook here.
Survey Methodology
These are the findings of a study conducted by Tip Top from May 8th to May 10th, 2023, among a representative sample of 1,502 online Canadians who are members of the Angus Reid Forum. The combined data has been weighted by age, gender, education and region to ensure the sample composition reflects the Canadian population. The survey was conducted in English and French. For comparison purposes only, a probability sample of this size would carry a margin of error of +/- 2.5 percentage points, 19 times out of 20.
About Tip Top | Tailors since 1909
For over 110 years, Tip Top has been providing Canadians with quality menswear at incredible value. With over 80 stores across the country and tiptop.ca, Tip Top is the destination for event solutions and allows men to have Perfect Moments Perfectly Dressed. There for life's special milestones, from proms to weddings and all the events in between, Tip Top carries a wide range of styles in both formal and casual wear. At its core, Tip Top is fully focused on fit – fitting men's bodies, budgets, and styles- to give them the confidence they get when they look and feel great.
In addition to focusing on events solutions, Tip Top has been part of ongoing charitable support with Grafton Apparel. Grafton Apparel has been a corporate partner of Fight to End Cancer since 2014 and is now proud to say it has raised over $1 million over the last nine years to support the cause. Their 2023 goal is to raise $350K.
For more information or to request an interview, please contact:
Taffin Sekulin
Strategic Objectives
tsekluin@strategicobjectives.com
C: 416 366 7735 x0268
SOURCE Grafton Apparel Ltd.
View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2023/06/c5301.html
