Cost of prom up 40% in last two years according to survey
The cost of prom has skyrocketed in recent years.Photo: Video by ktnv.com
(KTNV) -- Between the clothes, the shoes, the tickets and the rides, the cost of prom can get pretty heft very quickly.
People are shelling out more money than ever for that fairy-tale prom.
A new Visa survey says that teens and their parents are spending more than ever for high school proms.
The average cost is now more than $1,100.
That is up 40 percent from just two years ago when the average prices was closer to $800.
So, what's behind the increase?
Consumer psychologists say prom is becoming "the new wedding" as debutante balls become less popular and young people get married later in life.
Social media is playing a role too. Photo sharing sites like Facebook and Instagram make prom a shareble moment for many young people.
And that is putting even more pressure on them to look good on that special night.
Surprisingly, according to Visa, lower-income families spend more than higher-income families.
And single parents tend to spend double what married parents spend.