It’s getting to be that time of the year again. Each spring, high school teenagers prepare for one of their most memorable events of their entire high school career – prom. High school proms have grown into huge events over the years. Originally held as traditional dance events on college campuses, today’s proms include more elaborate wardrobes, extravagant venues, and over-the-top “after-prom” plans than ever before.
Recent research shows that the average cost of prom was over $1,400 in 2013. Come spring of 2014, the average cost of prom is projected to rise over 25% and total over $1,900… a hefty inflation! Generally, an expense on the parents, prom expenses have began falling into the hands of the students to help offset some of the rising costs.
Another interesting trend has been the fact that single parents and families with annual incomes under $50,000 spend more on prom than their counterparts of married parents and families who earn over the same income. For a closer look at what is purchased for prom and who pays the bill, check out our Cost of Prom Infographic.