“I think people are realizing that prom is a dance, and you don’t have to spend like a celebrity to have a great time,” says Nat Sillin, head of U.S. financial education for Visa.
While I’m glad to hear spending is down, I’m still a little startled by the average price tag: $978.
Regionally speaking, the West Coast region pays the most and the Midwest the least (although more than last year). The Northeast registered a 27 percent spending drop since last year and the South 23 percent.
Here’s how that shakes down per family, per region:
- Western, $1,125
- Northeastern, $1,104
- Southern, $926
- Midwestern, $835
Doesn’t that sound like an awful lot of money for a high-school dance?