You wouldn’t know we were in a five-year economic slump from the loot kids are spending on their high school proms.
Prom spending spiked for the second year in a row to an average of $1,139 per family in 2013, according to a survey released today by Visa Inc. That’s up 5% over last year. ( Click here for links to the survey and a handy app that helps people budget for the big night.)
“Prom has devolved into a competition to crown the victor of high school society, but teens shouldn’t be trying to keep up with the Kardashians,” said Nat Sillin Visa’s head of US Financial Education.
Some highlights from the survey:
* Northeastern families will spend an average of $1,528; Southern families, $1,203; Western families, $1,079; and Midwestern families will spend an average of $722.
* Families with less than $50,000 in annual income plan to spend more than the national average, $1,245. Those with more than $50,000 will spend a little less, $1,129.
* Families with single parents plan to spend $1,563, almost double what married parents plan to spend, $770.
* Of the total costs, parents plan to pay for 59% with kids covering the rest.
Kids these days. Whatever happened to just stealing a bottle of liquor and a pack of cigarettes from your parents and calling it a great night?