We’re about halfway in to Prom Season 2014. And, while the American family’s average spending peaked last year at about $1,140, a Visa survey says:
American households with teens are reining in prom spending this year. The average household will spend $978 in 2014. That’s down more than 14% from the average families spent on items including attire, limousine rental, tickets, and dinner in 2013. PracticalMoneySkills.com
Still, that’s a lot of money. Let’s take a look at some numbers!
- Industry volume: $4 billion
- West coast average spending: $1,125 (highest in US)
- Midwest average spending: $835 (lowest in US)
- Chipping in: Parents will pay 56% (down 4% from last year), Kids 44% (up 4%!)
- Old Dad/Young Dad: Parents UNDER 40 will spend $1074, 30% MORE than parents OVER 40!
- Divorce benefit: Single parents will pay TWICE what married parents are willing to pay!
And, of course…
- Percentage that feels “we spend way too much”: 84%
So, what’s it like in your house? Spending more, less, the same? Are you trying to teach ancient concepts like “frugality”, or are you “making memories” – regardless of cost? (No judgement here!) Let us know over at the MindField Online Facebook page!
Here are some links:
- Practical Money Skills: 201 4 Visa Prom Spending Survey
- Fox Family Edge: Prom Season Spending Expected to Decrease
- Naples News: Businesses gear up for prom-spending frenzy
- Rasmussen: 84% Say Prom Spending Too High
- CNN: Has the prom bubble burst?
Oh, and by the way… $1150 or $978 might as well be a million dollars to some families. “Community-based programs across the country, like Cinderella’s Closet (here) or the Princess Project (princessproject.org/) offer free dresses to girls who need them. There are also plenty of places for teens to donate their gowns once prom is over (www.donatemydress.org/).” Reuters