Parents Spending More on Proms, Up 60% Since 2008
Spring arrives soon, which means the start of prom season. And if your kid wants to go, it is going to cost you quite a bit more this year.
“The cost of raw materials has gone up.” says Becky Wagner, owner of My Sister’s Closet, “plus, labor in China is getting more competitive” causing the prices of dresses and tuxes this year to skyrocket.
The credit card company Visa is reporting that, on average, most proms costs about $1,078, which is up about 33% compared to 2014.
Another interesting find in this report: families that take home the LEAST still end up spending the MOST on prom preparation. Local families that earn under $50,000 a year shell out about $1,300 on the prom . . . and families that take home $20,000 to $30,000 spend DOUBLE that, $2,600.
On the average, most parents cover nearly 61% of their kids’ prom expenses, while the kids only pay 39%.
Wagner says she is helping curb some of those high prices for the prom season by finding similar, high quality brands without the sticker shock of big name companies.