Prom spending reaches a new low

prom
The average prom attendee is expected to spend $978.
Credit: moodboard

It’s a night most high schoolers anticipate for years, thanks to the hype from countless rom-coms, magazines and retailers. In past years, parents have looked forward to it too, willingly shelling out over $1,000 for their teen to have a memorable night. This year, not so much – so far, prom spending is at a three-year low.

In a survey produced by Visa, the average American family will spend $978 on prom this year, down from $1,139. For years, prom spending reached a new high each spring, and this new low marks a turn in the tide of luxury spending for teens.

Of course, the amount of money parents are willing to spend on their child’s prom differs across the country. Here in the Northeast, the projected average this year is $1,104. In the Midwest, it’s $835, and on the West Coast it’s projected to be $1,125.

Visa also found that the money spent on prom isn’t all coming directly from parents’ bank accounts. Their survey found that parents cover roughly 56 percent of prom costs, with the remaining being covered by the prom-goers. Once Visa realized the amount of money teens themselves were spending on prom, they developed an app to help them budget for it. The new Plan It Prom app helps teens create and stick to their prom budget. They can track their spending as they shop, and there are even social components, using texting and Twitter to include their date and friends in their spending plan. The app is available for Android and iOS.

Follow Emily on Twitter: @EmLaurence



News
Entertainment
Sports
Lifestyle
National

At 91, Marvel creator Stan Lee continues to…

By Piya Sinha-RoyLOS ANGELES (Reuters) - Marvel Entertainment's chief emeritus Stan Lee may be in his ninth decade, but it hasn't stopped him from adding…

National

Islamic State says beheads U.S. journalist, holds another

Islamic State insurgents released a video purportedly showing the beheading of U.S. journalist James Foley, who had gone missing in Syria nearly two years ago.

Local

VIDEO: NYPD seeks shooter in East New York…

Cops are on the lookout for an unknown shooter who aimed and missed hitting a man on a bicycle, instead nearly striking a nearby officer in East New York.

Local

NYS state forces thrift shops comply with ban…

Nine New York City thrift shops were reprimanded by the state attorney general for selling children's clothes with drawstrings around the neck and waist.

Television

'Pretty Little Liars' recap: Season 5, Episode 11,…

Caleb's not a ghost. Spencer might still be an attempted murderer. And Hanna's going to die next week. In other words, we actually got some…

Movies

At 91, Marvel creator Stan Lee continues to…

Marvel Entertainment's Stan Lee is adding outposts to his creative empire to interest a new generation of children in super heroes of all shapes and sizes.

Television

Mira Sorvino explores immortality on 'Intruders'

Mira Sorvino's new show "Intruders" centers around a secret society that achieves immortality by taking over the bodies of other people.

Television

5 things you need to know about new…

"Doctor Who" returns Saturday with a new star, Peter Capaldi. Here's some things to know about him (mainly his turn as sweary spin doctor Malcolm Tucker).

MLB

Shane Greene travels unlikely road to Yankees stardom

Shane Greene was throwing a bullpen session on a quiet field at Daytona Beach Community College one day when the ball started moving.

NFL

2014 Fantasy Football: Rankings, list of top NFL…

2014 Fantasy Football: Rankings, list of top NFL tight ends (TE)

MLB

MLB Power Rankings: Angels supplant A's, Nationals climb

MLB Power Rankings: Angels supplant A's, Nationals climb

NFL

David Wilson returns to triple jump, sets sights…

Giants fans know David Wilson can jump. They are just more used to seeing him go for backflips, not distance.

Style

11 timeless gifts for registries or just because

Gifts to prove you're a style maven once and for all.

Parenting

How everyday moments can inspire kids' creativity

"The Artist's Way for Parents" author Julia Cameron gives advice on how parents and children can be creative together.

Tech

How to stay safe online

Stop worrying about keeping your online passwords safe, and start worrying about keeping your username a secret. Actually, worry about both. According to Shaun Murphy…

Tech

OpenTable now lets you pay your bill via…

The restaurant app OpenTable added the ability to pay your bill (and tip) with your phone, thus cutting back on a few dining annoyances.