Thursday, April 30, 2015

Prom and Econ !!

Mikayla Boehm

Mrs. Straub

4/25/2015

Economics B1



Prom and Econ !!


As the Prom season approaches us more quickly than ever. More prom dresses are quickly being made and more nail appointments, hair appointments are quickly filling up, getting into a tailor to get your dress altered, buying corsages and boutonnieres, renting limousines to look glamorous arriving to prom. The average total cost of going to prom according to ABC News has risen to a whopping $1,139 an increase of about 5% from $1,078 in 2012.  In a recent random telephone survey out of 3,000 participants 1,025 had a child attending prom that is 34% of the survey.Prom_Infographic2.jpg
The amount me and my family spent on prom was about $700 including alterations for my dress, $100 for my manicure and pedicure, $ 25.00 for my hair,  $ 75.00 for just the prom ticket, $30.00 for jewelry and $68.00 for shoes which put my total cost for my prom to $998.00. So almost $ 1,000 for my one night of being able to go to prom. With the cost of my prom it lead me to lose other things that I couldn’t do for a while like shop with my friends, go to the movies. Due to the fact prom left a hole in my pocket. However there is many options on how to save money on prom or how to budget efficiently so you are able to look great but also save some money. You can always borrow someones dress they wore last year, or even rent a dress which saves you money. If you do this make sure your relative in size and height so the dress is comfy all night. Also you don’t need a limo. Last year my group and I didn’t take a limo and it saved us cash in our pocket plus it is efficient to take a car and be able to drive around after you leave prom. Instead of getting makeup done by someone save yourself some money and just do it with your friends plus its more fun to get ready with friends than by being alone. For pictures if you go on a dock make sure the dock can withstand a heavy weights.

"Perfect Prom on a Budget: 13 Ways to Spend Less, Still Shine - DailyFinance." Daily Finance. N.p., n.d. Web. 25 Apr. 2015.

Prom Spending Climbs for a Second Straight Year, Nationwide Average $1,139." Practical Money Skills for Life. N.p., n.d. Web. 25 Apr. 2015.

Valiente, Alexa. "Prom Costs Rise 5 Percent to National Average of $1,139."ABC News. ABC News Network, n.d. Web. 25 Apr. 2015.

"Photo before Prom Leaves Wisconsin Students Drenched."Timesfreepress.com. N.p., n.d. Web. 25 Apr. 2015.

36 comments:

  1. This was an interesting article and I enjoyed reading it because I'm going to prom this year. It has been very expensive and with being a twin, its double the price. The demand for big, poofy dresses have gone up immensely in the past few months due to Prom season! Producers have to make sure they can supply just as much to meet the consumer's demand. There are various types of long, short, puffy and straight dresses for that perfect night out. I wonder if businesses make a lot of profit due to how expensive the dresses are. Also, being on prom committee, I know how much money it takes in order to have a good prom. The price of tickets and other fundraisers helped with decorations and many other things dealing with the prom. But for prom, the benefit greatly outweighs the cost in my opinion!

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  2. Especially if people need to order their dresses online and if they need them asap. The prices rise and they choose the faster shipping option. The scarcity is so high for this season, gotta make money somehow.

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  3. It is nice to know about all of the information about prom but some of the prices for these things are a lot cheaper than what you had the price at. You should have done like average prom cost for people instead of buying what seems to be the most expensive cost for each item for prom. Yes prom is expensive but I don't think it's this expensive.

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  4. While prom is certainly a fun event in which students come together to cut a rug with a respective partner, the fact of the mater that t is costing on average $722 per person in the midwest area is completely uncalled for. In order for this beast of a cost to go down we as community must lessen the demand for said luxuries in order to drive business that offer suits and dresses to drop prices in hopes to gain back costumers.

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  5. This was a great topic to write about especially with prom being right around the corner. Consumer demands I imagine reach an all time high for prom dresses, alterations, nails, and all the other good stuff that goes into this one special night. As Kennedi mentioned, I also wonder if businesses make a larger profit due to how expensive dresses are. Furthermore there's always the occasional high end shop that over prices almost everything. Even though prom is expensive, it's a one time event that an individual won’t get to experience the hype again until their wedding. In my opinion, the special night of prom outweighs the stress and costs that come along with it.

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  6. I suppose spending a great deal on one night makes sense to some people, but it is still way too much money. That average is way too high, but it is indeed far too real. It can easily be seen that the whole event is turning into a money grab for venues, retail stores, and the dress market is insane for that.

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  7. It was very interesting to read this article and see the costs for prom, because I myself was very conscientious about how much I spent for my night due to the fact that there are some insanely overpriced dresses and accessories out there. Businesses will do anything in order to get people to spend more money than they have to, advertising the "perfect hair" and the "perfect dress" and producing all sorts of different variations of the same 3 dresses for obscene prices. If you do your own hair, your own makeup, and get a dress from somewhere fairly cheap, you can look just as good without spending hundreds and hundreds of dollars needlessly. But businesses bank on people spending and spending, which is why they crank out so many dresses and offers. If people didn't spend so much money on prom, the businesses wouldn't get the yearly profits they depend on from these events. Prom is not only an event for high schoolers, but a big event for companies as well who must compete for buyers!

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  8. Prom is very expensive and I for one am not planning on spending that much money, but I am willing to spend a good chunk of change. The opportunity cost of me saving money by not getting a lime and not getting my nail done will allow me to have money for future expenses. For instance food, or gas, or even college it I was really in the mood to save. Now on the other hand if I decided to meet all of that money on prom the marginal cost would be look great for prom and having a lot of fun for only one night. To me saving the money is more worth it in the long run. All in all prom can be expensive, but it depends on what you find more important whether it be that night or the money that will eventually affect your decision.

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  9. This really is true because, prom is a very expensive night and its very hard to try and save money on some of those things because, every girl needs a dress and maybe its not as pricey as borrowing someones dress, but you still need the shoes and the jewelry and your hair and nails. It is very expensive to go to prom as a girl and just as anyone in general because, you spend money on everything. Although, during the prom season dress stores and flower stores really do make a lot of money because, every school does prom and you most likely as a girl you need a dress.

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  10. I like some of the points you addressed in your post. Costs for prom are insane and I think many people should just try and save money during it, especially with borrowing a dress or whatever it may be. Just because we don't get the most expensive stuff doesn't mean the one night is ruined. It is only one night, and it is just to have fun with friends. I don't think the benefits outweigh the cost at all, unless you really love dancing for 4 hours. It is very fun and the night is a great time, but it could be cheaper in some areas.

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  11. This topic was something my parents and I talked about a lot last year around prom time. The price of a prom dress is outrageous one night, and looking back on it I wish I did not spend what I did. Prom was fun, but watching my huge dress hang in the closet for a whole year untouched made me think that spending all that money was not worth it. Knowing more about discount prom stores like Savvy Seconds or buying a dress from an individual seller seems like a much better option. Also, there are other ways to save money, like do your own nails or go to a cheaper salon for your fancy prom hair. Dress stores love this kind of season, because they make a ton of money, but our bank accounts don’t as they start to plummet with every prom purchase.

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  12. Prom is one of those nights that a price tag can’t often be put on as some people weigh the trade offs and conclude that the enjoyable time is worth the cost. You talk about how to cut the cost on prom and sometimes there are things like the manicure that aren’t necessarily imperative to the prom experience so that right there would save more money. In general the prospect of spending nearly $1,000 on one night is highly excessive, no matter how much fun you can have. With $1,000 you can save towards much more rewarding things like a new car or college so spending this much on one night is not only detrimental to your pocket for a few weeks, but for much longer than that because a grand is not a cheap check to cut.

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  13. This is an interesting topic, is makes someone wonder if the cost of going to prom exceeds the benefits. Is 1000 dollars really worth one night in a dark room and all the stress that leads up to prom? I don't know if its the anticipation or the expectation that its what you do in high school, but I do think that the benefit outweighs the cost. Maybe its the effective advertising that movies and schools themselves have for prom. Cant miss out on part of the "High School Experience."

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  14. The cost of prom is one that is increasing dramatically. The opportunity cost of going to prom is increasing as money used on promposals and preparations could be put to much better use. The scarcity of resources during prom season is also at a premium as every school's girls and guys try to put in last minute preparations for what is thought as the night of their lives. This increase in demand causes price to increase rapidly which although may put a hole in one's wallet, can put a whole lot of green in another.

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  15. Coming from someone who didn't go to prom, I don't see what all the fuss is about. Sure, it's a quintessential high school, but instead of spending all that money on prom, you could invest it in a nice, predictable savings account that provides a reasonable rate of interest. Of course, with the Fed keeping interest rates low to encourage investment, the "reasonable rate of interest" might not be possible right now, but hopefully Janet Yellen will bump up those interest rates soon.

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  16. Mikayla, I thought that your blog post was very relevant given the time of the year that it is. Prom season has already started and Pewaukee’s prom will be within the next few weeks. So I thought that it was pretty relatable to everyone in class. I had no idea how expensive it was to go to prom, over a thousand dollars is ridiculous. I mean I remember spending a lot of money last year, but never do I remember spending this much on everything. I noticed that people in the Midwest spent the least, and I couldn’t imagine spending nearly 1500 hundred dollars for one night a prom. These proms are getting to be as expensive as some weddings which is crazy. I really liked your infographic and thought that it was very nice and easy to see everything that was there. I thought that your example of yourself was good but you could’ve used a lot more economic content to connect to your blog post.

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  17. Prom is a quintessential high school experience that for the most part a price tag cannot be put on. Prom is obviously very expensive with the dress reaching up to over $500 and tickets nearing $100, but then there are all of the little things like, hair, nails, makeup, corsages. Despite this there are definitely some ways to cut back on prices-- you don’t need and a designer dress you and your friends can give each other manicures and you can save a ton of money by doing it yourself. With every expense comes an opportunity cost, what could you better spend this kind of money on, than one night such as putting that money towards a car, or college, but for others the cost of not going to prom is much more, but there are definitely ways to keep the budget in check.

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  18. It is staggering to see how much money goes into one dance. Depending on the amount of appointments we set up for hair and makeup, as well as where we choose to buy our dress, the amount of cash needed for this day becomes a pretty hefty opportunity cost. However, I think that a partial solution to this problem would be to essentially think at the margin. Rather than spending money on both a hair and nail appointment, we could choose to do just one or the other and use that money for something else, and maintain this mindset when planning everything out for that day. There is a way to have fun and be fiscal; we just have to strike a balance.

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  19. It is incredible to see the amount of money wasted each and every year on a completely pointless night. The only reason so much is spent on prom is because it is a once in a lifetime experience with a high level of perceived value, but the actual value falls short of preconceived expectations more often than not, but because the of the astronomically high excitement, people are willing to spend tons of money on it.

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  20. The waste of money can go really fast, this is one night that you may or may not like your date and you decide to waste that much of money. Its not like its a wedding day that you will remember it forever. If you decide to get a prom dress towards the later day the prom dresses become cheaper, and its not worth spending $700 because you can buy groceries that will last you 4 month for this kind of money.

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  21. The amount of money spent on prom is ridiculous and is continuing to increase each year. I think the price keeps on going up is because people see it as a huge life event and wouldn't want to miss out. Unfortunately prom cost will only continue to grow in the future. Girls spend a great deal on prom and everything that comes with it. I wonder how it compares to what guys spend?

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  22. I was a little surprised at how much money really goes into prom and only for one night too, but people want to spend that kind of money on that even though its for one night at the same time you only get to experience that once. Also some people are smart to where they pitch in money together to pay for a limo or try to find a dress that might be a little bet cheaper but still looks good.

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  23. I thought that this post was very good especially for this time of year. I can't really believe that it is up to over $1000 to go to prom! I know I spent a lot for prom last year however the price is just going to continue to grow. I liked how you had alternate options to save money too! Your graph/ visual was very effective because it was easy to understand and showed how much people spend around the nation and with single/ married parents too. That shocked me that a single parent pays more for prom than a married parent! I thought over all you did a good job with this post however it could have been nice to have more economic facts and terms! Good job overall it really was an eye opening thing to read.

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  24. Prom is a huge of money. You spend five hours in a giant dress, dancing awkwardly in a tight group of people, and you have to pay close to a thousand dollars. All that money, just for five hours. I would much rather hang out with some friends, rent a bouncy house, and go to dinner on our own. By doing this, we each save like $800, and we will be having even more fun than we would going to prom. Although it might be nice to dress up elegantly for one night, I'd rather save my money for more important things, and have the time of my life with my friends. So while everyone's at prom wasting all of the money they have, I'm going to be getting my olive garden on, followed by sleeping in a bouncy house.

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  25. Going to Prom this year it was shocking to me how expensive everything is for one day of fun. You have to buy a ticket,rent a suit,rent a limo and buy your date flowers. Although Prom is a little pricey the experiences of prom is priceless.

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  26. It was surprising to see just how much money goes into prom, for just one night. Seeing that we spend almost a thousand dollars on all these things we will never use again makes you think if it is really worth it, but at the same time, it is a once in a life time event. I think it was cool that you found a map that showed an average on how much money is spent in different parts of the United States.

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  27. It was surprising to see just how much money goes into prom, for just one night. Seeing that we spend almost a thousand dollars on all these things we will never use again makes you think if it is really worth it, but at the same time, it is a once in a life time event. I think it was cool that you found a map that showed an average on how much money is spent in different parts of the United States.

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  28. I never went to prom and probably won't again. I can see people take it very seriously if they are willing to spend that much money on one night. I guess I;m not really into dressing up and doing things like that. Girls no doubt spend more then guys as you mentioned you spent money on hair, nails, clothes(dress), makeup, jewelry...etc.

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  29. There are a lot of different costs that go into prom, I have never really thought about that before. However girls want to go to prom so badly and the demand for all these things is so high that is just drives the prices up also. There are indeed many ways that people can save money on prom.

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  30. $1000 for prom? That's crazy! I think it was cool that you put in your own example from going to prom yourself. Maybe you should take a look at the difference between girls and guys and the costs that go into prom. Make sure you proofread your paper next time because you had a few grammatical errors. Furthermore, you didn't incorporate economic vocabulary. While you did mention cost, you never explicitly utilized vocabulary.

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  31. So many people spend so much money on prom and the girls desire it so much because it's a one time opportunity. But whose to say that you can't dress up all fancy and go on romantic dates without spending 1,000 dollars. In my opinion prom isn't really worth it, spending all that money for a picture and one dance and then doing what you can do any other day just in expensive clothing.

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  32. Pretty amazing that you were willing to spend almost $1,000 on prom. I spent about $300 altogether. Another hint, if you have the skills, make your own dress, make or borrow your jewelry. If you make it all yourself, it's all the more rewarding in the end. Great suggestions otherwise. Perhaps you could include an estimate of how much each action can save you, so people going to prom can actually make a better money saving choice.

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  33. Over a thousand dollars spent for one day. Some people may look at this and say that is a fair price, but most people would freak at their wallets dying. It all depends on what you want to get out of prom. Some make it out to be the best day of their high school lives, while other just want to have an enjoyable time. Its interesting to see how high the price is, I spent only a little over $500, so my price is below the average. I personally feel that guys spend less on prom than girls do, so I would be interested in seeing the difference between girls and guys spending for prom.

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  34. Your article was very relevant to today since prom was just last weekend! I never knew how much prom costed until this year when I bought things myself. I agree that it is a good idea to not get a limo or do your own nails to save some money. It is important to always be safe at prom and try to protect the expensive clothing. I wonder how much prom costs will rise next year?

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  35. This is a great topic and it's super interesting to see how expensive it has gotten. I liked how you talked about ways one can save money for that big night but it would've be interesting to see how much money it would've actually saved you. Also, guys spend a lot of money, so it would've been interesting to compare these prices as well.

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  36. This is a great post because it shows really how expensive prom has become. I never knew how much prom cost until this year when I actually went to prom. I agree with the ways to save money by doing your own nails and not getting a limo. One thing that would have been interesting is if you would have compared how much guys spend on prom compared to girls or compare how much prom costs in 2016 compared to how much prom costed in 2006.

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