Think weddings are expensive? If so, then this number may shock you: on average, families will spend $1,078 on prom this year, reports USA Today.
This figure is up from $807 last year, according to a Visa survey. Families will drop thousands of dollars on one-of-a-kind dresses and tuxedos, limos, hair, makeup, jewelry, flowers, dinner and of course the tickets themselves.
According to experts, teens may be influenced by the designer clothes celebrities wear on the red carpet, accounting for the rise in spending. Teens are looking for that once-in-a-lifetime night and want to stand out.
Interestingly, the biggest increase in prom spending comes not from the high income brackets, but actually from the lowest. Among those who make between $20,000 and $29,000 per year, the average family will spend more than $2,600, which is twice the national average.
To read the full article, visit www.usatoday.com/money/industries/retail/story/2012-04-12/high-school-prom-spending/54224068/1.