Spring is an enchanting time of youth and revival, when countless teenagers pester their parents into spending a ton of money for them to go to the prom. Moms and dads might also overlook retirement, since the price of prom this year packs a wallop. Article source: Economic woes trickle down to high school prom (https://personalmoneynetwork.com/cash-advance/)
Price tag very costly
Prom is a high school experience that teenagers feel is a necessary part of their experience. The dances are held all over the nation at all high schools sometime in the spring. It is a special event.
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In 2011, the average price of a prom was $807, according to CNN. That is a lot of money to put into a cost, although the cost does consist of dress, makeup, hairdo, photo session, limo rental, tickets and even a tux. A guy’s tux will be much cheaper than a dress typically. During the last year, those costs have elevated a lot though, according to USA Today.
Costs up for the year
The typical cost of prom increased from last year by $271 dollars, according to this year’s Visa study. It does depend on the area though, considering Northeast parents will spend closer to $2,000 on their children while southerners will spend closer to $1,047. In the Midwest and west, the price of prom is between $696 and $744 though. The average is $1,078 throughout the nation.
Oddly enough, there was inverse correlation between income level and intended spending on prom, as lower income moms and dads intended to spend more than high-income parents. Those with incomes between $20,000 and $29,000 intended to spend $2,600 or more, while those earning at or above the median national income planned to spend $700 to $1,000.
Comparable to weddings
Experts are quoted in USA Today and Time magazine as saying that proms are akin to weddings, in that the event is special and individuals want to go all out to ensure its uniqueness. The thought is that it’s almost like “walking the red carpet” and one must dress accordingly.
Sources
CNN (http://money.cnn.com/2011/06/16/pf/cost_of_prom/index.htm?iid=H_PF_News)
USA Today (http://www.usatoday.com/money/industries/retail/story/2012-04-12/high-school-prom-spending/54224068/1)
Time (http://moneyland.time.com/2012/04/13/prom-arms-race-typical-teen-or-rather-her-parents-drops-over-1000-on-prom-now/)
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