Parents Spending Average of $1,078 on Prom Night
Visa reported yesterday that teenagers going to the prom are not taking just their clothes to the cleaners; they’re taking their parents. The average cost of the night that teens regard as the night they’ll always remember: $1,078. Last year Visa reported the average cost as $807.
The lower end of the economic spectrum apparently values the one-night fling more highly than those in the median range; the report stated that parents who make between $20,000 and $29,999 a year will spend more than $2,600, while those who earn more than $75,000 a year plan to spend between $700 and $1,000.
I bet the reason for this negative correlation between income and prom spending is that for lower income households, their kids’ prom nights will be the apex of their social-romantic lives, because they pretty much eschew marriage. For higher income households, that crest is reached on their wedding days, a much more expensive party.
What is perhaps proof of my theory is the Quinceañera, the celebration of the young lady’s fifteenth birthday among Hispanics, and especially Mexicans. My secret squirrel source tells me that households of supposedly meager means spend big money on the day and plan for it as if it were a wedding day. That’s because most of them won’t have a real wedding day.