When they say "34 (fits a 32 waist)" they mean the furthest hole barely fits a 32. Not stretchy at all. It may be safer to go one size larger than you think, especially if your size is close to the edge (e.g. 33). An otherwise excellent belt so far, but long-term durability is unknown - cheap leather belts have a habit of tearing and appearing "wrinkled" from constant tightening.
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