Tag Archives: prom season

Prom Season Spending 2014

Recognize THAT face, Moms?
Recognize THAT face, Moms?

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:

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