High school prom is one of the most memorable events in one’s life. Though it typically is a time of full joy for students, parents could be a bit less enthusiastic, as they have to spend hundreds if not thousands of dollars on mermaid style prom dresses, suits, accessories, the prom ticket, and transportation. However, while paying for prom increased nationwide for the past three years, parents are now spending less in 2016.
According to Visa, the average American family will spend $978 on the big event this year, down 14 percent from last year’s average $1, 139.
Parents who earn less than $50, 000 a year arrange to spend less than the national average, $733, while parents who make over $50, 000 will spend an average of $1, 151.
Exactly why would someone the decrease on prom spending this year? “Perhaps families are coming to their feels and realizing you don’t have to spend like a celebrity to enjoy prom, ” Nat Sillin, Visa’s You. S. head of financial education, says. “And that’s not necessarily a bad thing with all the other expenses teens at that age have. ”
And while Americans are spending significantly less on prom than they have years back, the amount they spend still remains high compared to other countries. Canadians, for example, will spend about 25 percent less than American households this year, at $723.
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