Families Spending an Average of $1,078 on Prom: Too Much, Too Little, or Just Right?
SodaHead Living
2012/04/15 19:58:27
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Schools may be cracking down on sexy dresses, but prom spending is on the rise. According to a recent Visa survey, this year families are spending an average of $1,078 on the springtime rite of passage. That is an increase from the $807 average last year.
Where is all this money going you may be wondering? The most costly item is usually the tux or the dress, and these days, families are willing to spend more for one-of-a-kind outfits.
"There's a general sense of people wanting to be differentiated," said Jatlow Levy, a retail strategist at consulting firm Kurt Salmon. "Going to a national chain and getting the same dress that 18 other girls have is not a chance for me to differentiate myself or express my individuality, which is such an important part of my social experience today."
But let’s not forget all the other prom expenses: dance tickets, corsages and boutonnieres, rides in limos or party buses, professional hair and makeup services, visits to the nail salon, new shoes and jewelry.
And this kind of “social-arms-race spending,” as Jason Alderman (director of Visa’s financial education programs) describes it, is not limited to the extremely wealthy. According to the survey, parents in one of the lowest income brackets reported planning to spend the most on prom. Those in the $20,000 to $29,999 salary range will spend more than $2,600—that’s twice the national average—while families in high income brackets plan to spend between $700 and $1,000.
So what do you think SodaHeads? Is $1,078 too much (or too little) to spend on prom? Or is it just the right amount to make it a special night to remember forever?
Where is all this money going you may be wondering? The most costly item is usually the tux or the dress, and these days, families are willing to spend more for one-of-a-kind outfits.
"There's a general sense of people wanting to be differentiated," said Jatlow Levy, a retail strategist at consulting firm Kurt Salmon. "Going to a national chain and getting the same dress that 18 other girls have is not a chance for me to differentiate myself or express my individuality, which is such an important part of my social experience today."
But let’s not forget all the other prom expenses: dance tickets, corsages and boutonnieres, rides in limos or party buses, professional hair and makeup services, visits to the nail salon, new shoes and jewelry.
And this kind of “social-arms-race spending,” as Jason Alderman (director of Visa’s financial education programs) describes it, is not limited to the extremely wealthy. According to the survey, parents in one of the lowest income brackets reported planning to spend the most on prom. Those in the $20,000 to $29,999 salary range will spend more than $2,600—that’s twice the national average—while families in high income brackets plan to spend between $700 and $1,000.
So what do you think SodaHeads? Is $1,078 too much (or too little) to spend on prom? Or is it just the right amount to make it a special night to remember forever?
Read More: http://www.usatoday.com/money/industries/retail/st...
Top Opinion
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Too much
+19You kidding me? And they wonder why they're in the low-income brackets? No sense of budgeting or thrift.
The magic itself, though, is a possibility, but there is always another. They what to be the prettiest, sexiest guy/girl there. They may also think that if they aren't the best looking, they may get picked on, or put down by others. There is always a fear of rejection, and hatred in a teen's mind, weather the can admit it or not. Sometimes this fear can get the best of them, and they end up going into debt over what others hearing about it may think is stupid.
1) Etiquette Lessons
2) Psychological Evaluation and Treatment
3) After-School WORK and COMMUNITY Experience Programs
(noticed I capitalized both those words..."Google It" - or Urban Dictionary)
LOL, and this is just for the ones who aren't using illegal substances.
I can't really knock THAT, though - I'm a HUGE fan of capitalism :)
Fire can be considered "bad," too, if used in the wrong way or not respected - you can look at it that way...OR, you can look at it like it sterilizes things And heats our homes And cooks our food to get rid of biological contaminants And make it more palatable. We can argue that guns are "bad," too - criminals use them, but criminals also don't care if their guns are registered (and actually prefer that they Not be traceable/registered for "obvious" reasons - statistics show 80% of inmates using them in crimes had a stolen or otherwise unlicensed gun), but it is our police, military servicemembers, and decent law abiding citizens who use them to protect us...
Fire can be considered "bad," too, if used in the wrong way or not respected - you can look at it that way...OR, you can look at it like it sterilizes things And heats our homes And cooks our food to get rid of biological contaminants And make it more palatable. We can argue that guns are "bad," too - criminals use them, but criminals also don't care if their guns are registered (and actually prefer that they Not be traceable/registered for "obvious" reasons - statistics show 80% of inmates using them in crimes had a stolen or otherwise unlicensed gun), but it is our police, military servicemembers, and decent law abiding citizens who use them to protect us from criminals.
What we are given has less value than what we earn, but the tools we use, wisely and effectively, can create even More value...and that includes money. Most people don't really love Money itself, anway - they love what it brings them, whether it is prestige, or love, or notoriety OR, as I mentioned previously, comfort and security...freedom from worries and uncertainty..."where you will live tomorrow...will you have enough food to feed your family...can you use it to do some good in the world." It all depends on the meaning (and function) one assigns to it.
I bought my dress from Macy's during a 35% sale, shoes for like $25, getting my hair done for like $45, and hitching a ride with my friend. The ticket is $89 so I only spent about $160 (more or less) on prom all together!
Good times, priceless?
$80 on a dress (that will just end up on the floor, ruined)
$30 designer heels on sale
$50 tux rental
$60 on dinner (if you share a plate)
$100 limo rental (that will probably end up being only used for an hour max)
$20 on a stupid gaudy corsage (that she'll probably throw away after the dance)
$10 prom tickets
$40 prom pictures....
I'm gonna go ahead and stop right there. Who were they surveying? Where do these people get the money? ? ? ?
Why is prom so important that you waste so much money? I spent $30 on a dress, wore some flats so I could dance, my date borrowed his dads car and he picked some flowers from his neighbor's yard and tied them around a ribbon and that worked as a good enough corsage for me. We went with a group of friends to Burger King and went to prom. Bring your own camera, the posing isn't the only thing you did. We had fun but the real fun happened when we went to the park and went crazy. Prom isn't that great, it's just a over rated dance.
Call me cheap but spending ONE THOUSAND dollars on prom sounds like a hell of a lot more than I would spend. Save that money for college, the benefits will last longer.
I doubt this figure.