Boston Public Library
Kirstein Business Library

Concourse Level, Johnson Building, Central Library, 617-859-2142

Prom Spending Up in 2013

by Betsey Lippmeier

promdress

 

Prom spending continues to outpace inflation and grew for the second straight year, hitting an average of $1,139 per family in 2013, results from a new survey released today by Visa Inc. show. That represents an increase of 5% from the $1,078 that American families who have a teenager attending a prom spent on all aspects of the dance in 2012.

 

  • Northeastern families will spend an average of $1,528;
  • Southern families will spend an average of $1,203;
  • Western families will spend an average of $1,079; and
  • Midwestern families will spend an average of $722.

Parents surveyed who made less than $50,000 a year plan to spend more than the national average, $1,245, while parents who make over $50,000 will spend an average of $1,129. Additionally, single parents plan to spend $1,563, almost double the amount that married parents plan to spend at $770.

The Visa survey also found that parents are planning to pay for 59% of prom costs, while their teens are covering the remaining 41%.

For help with the family finances, the Boston Public Library has the following:

moneysmart

The Moneysmart Family System

 
 
the bank

Don’t Break the Bank

 

 

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