Prom Spending Falls 14 Percent; Men’s Spending Doubles Women’s
WASHINGTON – April 1 (UPI) – National spending for prom was an average of $978 in 2014, a 14 percent drop when compared to the previous year, according the Visa Prom Spending Survey.
Men spent more than double the amount on prom than women, $1,357 to $673 respectively. Parents aged under 40 spent almost 30 percent more than older parents. It is the first year since the start of the Visa survey that parents who make less than $50,000 a year planned on spending less than the national average. Parents who make more than $50,000 spend an average of $1,151.
“Despite the drop this year, prom spending still remains disproportionately high and represents a major expense for American families with high school students,” the Visa report states. Regions where spending for prom increased include the West coast, which spent the most nationwide, and the Midwest. Although the Midwest increased spending, it remains the region that spends least.
The Northeast reduced prom spending by 27 percent and the South reduced spending by 23 percent. Parents and teens are also splitting the cost of the rite of passage, with parents planning to pay about 56 percent of costs while their teens pay for the rest.
Regional analysis in the survey found that:
• Western families will spend an average of $1,125.
• Northeastern families will spend an average of $1,104.
• Southern families will spend an average of $926.
• Midwestern families will spend an average of $835.
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