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.
. Finding the right undergarments might be pricey, I'll guess $100 to be extra safe, but probably won't spend that much, but those will also be used in the future, so I won't feel guilty.
Not sure what limos go for, but I'll split that with a lot of friends, that or car pool, lots of people have minivans where I live, and I'm not too stuck up to use one in order to save on cash. I'll say about $50 there. Just in case.
I'll average the prom ticket at about $50, that flower at $30 according to the internet average for both, but it may be less. Throw in a $10 dollar meal. All this assuming my date doesn't decide to pay for it (apparently it's tradition, but I wouldn't hold it against him not to).
For pictures I'll just have them taken beforehand by a friend or parent. It seems everyone's a photographer nowadays with a pricey camera, no need to pay someone else.
Through in an ex...
. Finding the right undergarments might be pricey, I'll guess $100 to be extra safe, but probably won't spend that much, but those will also be used in the future, so I won't feel guilty.
Not sure what limos go for, but I'll split that with a lot of friends, that or car pool, lots of people have minivans where I live, and I'm not too stuck up to use one in order to save on cash. I'll say about $50 there. Just in case.
I'll average the prom ticket at about $50, that flower at $30 according to the internet average for both, but it may be less. Throw in a $10 dollar meal. All this assuming my date doesn't decide to pay for it (apparently it's tradition, but I wouldn't hold it against him not to).
For pictures I'll just have them taken beforehand by a friend or parent. It seems everyone's a photographer nowadays with a pricey camera, no need to pay someone else.
Through in an extra $30 for fees I might have forgotten, and at most I see this costing $440. Most likely it will cost a good amount less.
My date's will probably much cost less, as he most likely won't be buying new undergarments, makeup, new shoes, and will probably rent a tux, or use one he already has. Might get a new tie, but that shouldn't even cost $20.
So where are they getting $1,000+ expenses?
Also, for even half the predicted amount prom had better be more than a grinding fest, otherwise I will be ticked off big time.
I love my daughter like none other, but no chance.
You spend good money to dress either A. Like a slut or B. Nicely for once, and watch your peers grind each other to crappy music.
People have to consider what they spend and the time its used. $1000 is too much for a couple of hours of teenage fun.
My granddaughter's friends decided to forgo the prom and went to one of the boys house by the lake and his dad bar b que'd for them and they danced on the dock and had a great time. She wore a borrowed dress and it cost them hardly anything.
Barbeque by the lake sounds like a great idea and a lot of fun. Plus the fresh air is good for them. Kids don't get enough of that these days.
I think other kids should choose not to participate in things that have way too much expectations.
I think it would be fun to wear a dress with a bustle.
I would have liked a bustle too. Mine had pleats and an empire waist.
I used to love that style.