Blog #3: Advertisements in a wedding?
One’s big day can literally be the biggest day of an individual’s life. That’s why many do not hesitate to spend lavishly and extravagantly on their weddings. However, just like most luxuries in life, not everyone can afford to withdraw six figures on an occasion that lasts for just a day but forever remembered. Just recently a woman from Ontario decided to seek donations and sponsors to foot the bill for her special day. On top of that, many other Canadians had come forward to CBC stating their intentions to seek out for sponsors to fund their weddings with targeting corporations including Tim Hortons and Enterprise.
Common vocabulary from the individuals interviewed in this article included debt and job-loss with one interviewee stating, “eloping is not an option”. This suggests a greater problem within Canadians, perhaps an unstable economy as plenty were blaming debt and job-losses for their tight financial situations. Additionally, the audacity among the individuals in this article to embark on spending lavishly despite tough times could also be a symbol of poor personal finance within Canadians. This may build on to suggest that Canada may be undergoing serious financial illiteracy among its citizens. Though this is just speculation, the disability to see the dangers of spending beyond one’s means can create detrimental economical issues as seen with the financial crisis in the United States back in 2008 where Americans were purchasing homes well beyond their means with loans they could’ve never possibly repay.
On the other hand, this adaption may create an entirely new market for Canada, commercialization of private events. Though uncommon, this practice is not entirely vague as it has been somewhat done in the past. Recently, Instagram star Melissa Christine Koh’s extravagant wedding filled with Dior cosmetics and fine liquor was exposed as having been heavily sponsored and backed by several companies significantly lowering the total costs of the commemoration. Additionally, it has been revealed recently that a couple in California had fully paid for not only one but two Tesla vehicles by simply renting the motors out using an app named Turo. Therefore, the commercialization of private property and private events may simply be a gap in the market waiting to be filled, lowering the costs of goods and services for the average person which in turn creates growth in the economy.
In conclusion, this article brought up two interesting ideas to assimilate. The growing trend among Canadians to live beyond their means and the growing market of commercialization of private property and events. Though one of these ideas may suggest weakness in Canadian financial literacy, another suggests room for growth for the Canadian economy.
Word Count: 442
Imagery Source:
-Marla Jenkins Photography