Kelly Mitchell
Reuter
Economics
28 April 2015
Prom Economics
Once again we have entered prom season. Junior and Seniors in high schools around the country are preparing for a night that they are told they will remember forever. What most people will not realize is how much money is actually shelled out for prom. Dresses, tuxes, shoes, prom tickets, jewelry, flowers, limos, the list seems endless. Most years the prices of these items seem to increase, but this year the people have actually spent an average of 6% less on prom related items.
This year it is estimated that the average family will spend a total of $919 on prom. Spending larger amounts of money on prom became popular after World War II and has continued to stick. Of course the prices of prom now are more expensive than prom was then but that’s mainly due to a change in consumer tastes. Sure kids to an extent sometimes attempt to outdo each other when it comes to prom but these days girls are leaning towards more expensive dresses and shoes, and the event is held at bigger more expensive places because it has become a new norm. This amount of money being spent is all considered to be a part of the experience. Prom goers have decided to make the trade off of money that they could be spending elsewhere or putting towards college tuition for one night of fun.
Not only do people spend money on items for the prom, they also spend money on promposals. A promposal is a play on the word proposal and can often times be a pretty pricey ordeal. According to an article on True New Jersey people will spend up to $300 on a promposal. This aspect of prom can be seen as elastic. Before the early 2000’s asking someone to prom in an extravagant way just wasn’t heard of and it simply does not take $300 to ask someone to prom. Some people speculate that these extravagant promposals are used as an attempt to gain internet stardom.
It’s inevitable that people will continue to go to prom and spend large amounts of money but there are ways to cut back on spending too. It’s possible to wear shoes that you already own, do your own hair, or even borrow accessories from friends. Prom does not have to become a one thousand dollar night.
Works Cited
Griffith, Janelle. "Prom 2015: Overall Spending Down, but Cost of Promposals on the Rise."True New Jersey. 28 Apr. 2015. Web. 28 Apr. 2015.
Kasperkevic, Jana. "Prom Night Can Cost a Pretty Penny." The Guardian. 20 Apr. 2015. Web. 28 Apr. 2015.
This is the perfect post for this week as people are rushing to get all ready for prom! I can't believe that the average cost of prom per household is $919! Is that per person who goes to prom? Or what size family? How many proms does the cost include? You did a great job incorporating the economics vocabulary; however, I think it could be possible to include more. For example, revenue that the government gets from prom season, business advantages, and money that does not count into the GDP such as borrowed dresses. Overall, awesome job!
ReplyDeleteWith prom right around corner for some it is interesting to see how much it actually costs to go to prom. It is really interesting to read how much the bills actually rack up on all the little things. $919 dollars is a lot of money for one night! Just asking someone may cost $300! That is actually insane. This was a really eye opening for high school students.
ReplyDeleteI loved this post because it's so relevant right now and I know people truly are spending lots of money for one dance. It would be interesting to see how much money guys are spending on prom for their tuxes and it's so crazy to think that on average $919 is spent.
ReplyDeleteI think it was cool that you wrote this at this time of year. Prom is an important, yet very expensive time of year. I like how you said that the money could be spent elsewhere: it could go towards college tuition or a car. Rather, the average family spends $919 on one night! While most people my not realize it, prom plays a huge role on the economy. It's actually shocking to see how much it really does. Nice job!
ReplyDeleteI loved this post! I am in the final stages of prom preparations and I do not even want to know how much money my family has spent on prom. This will be my fourth prom! I had no idea that the average prom costs $919, but I guess if tickets are $65 shoes are almost $100 and dresses can be over $500, not to mention, a $70 updo and $50 manicure... It adds up fast! It would be cool to see if the average cost of prom changes in certain schools, or even certain areas of the country. I liked that you incorporated vocabulary! Thank you for sharing and great job!
ReplyDeleteI think $919 is really high for prom! I mean I understand a few hundred dollars for a dress and hair but goodness, that is a lot of money. But if you think about it, how much is the guy paying because I'm assuming that this number was based off the girl and not the guys and if it is based off the girl, I bet there are opportunities where they can split the prices of some stuff to make it cheaper for her and more equal in paying in the end. Also, you need to consider the changes in styles that will contribute to the price (consumer taste), because puffy dresses are going to be more expensive than the flat dresses.
ReplyDeleteIt is absolutely ludicrous to spend 900 dollars on just one night, when there is so much that will be coming soon as college approaches. I cannot believe the averages that an average family spends in this one high school night when there are so many other things to worry about. I’m sure that there are many options to avoid a greater loss of the opportunity loss that is money, and people should be conscious of the negative externalities that the expenditure for one night will have.
ReplyDeleteI really liked how your post was so relevant to today since prom is next weekend! Prom does cost a lot of money and it is hard to get around it. Some people have to make trade offs to get less expensive dresses or shoes. It is a good idea to do nails, hair, and makeup yourself to save some money. I also found it interesting that prom spending has gone down 6% since last year. Maybe girls are borrowing dresses from seniors which is a good idea. Great article!
ReplyDeleteI think that it is really interesting how much people actually spend on prom. Many people think that girls spend more on prom because of their dresses however they normally dod not pay for their tickets unless that are bringing another date. I found it interesting that prom spending has gone down 6% since last year, this could be because parents are wanted more of their children to pay for their own prom; which makes them spend less. Lots of people are trying in any way to spend the least amount of money because it is hard to come by now. I really thought that this article was interesting because prom is really expensive for just one night.
ReplyDeleteI knew that people liked to ask each other to prom in really extravagant ways but I didn't realize that people would spend more than $20 on it. It seems like a waste of money because there are definitely other things that that extra $280 could go towards like the dresses or accessories. I think it's pretty ridiculous that people would spend close to $1000 on one night instead of spending way less and saving the extra money for things they will really want/need in the future. It makes more sense to intersperse that money for a few months and go out with your friends every so often instead of spending it all on one night.
ReplyDeleteI really like your topic because I am going to prom this year and the price for everything is mind blowing. Prom is a night we are always suppose to remember and we are suppose to make it one of the best nights of our lives and that's why, at least to me, prom is worth the trade-off. Not to mention how many businesses make tons of money from prom every year. Dress shops sell so many expensive dresses and they make a really good profit from it, however, one thing we do start to see are people buying cheaper, used dresses because they don't want to spend around $500 on a new one. Nice job on your post!
ReplyDeleteI find it interesting how much money spend on prom because in a later post on this website, someone had used $1,000 to do everything for prom. Which I mean..is a lot, but after the $65 for tickets, plus the dress and shoes, its already high. It's disappointing though that everything costs so much, that sometimes people can't afford to go to prom, or that they have to budget everything (like I had to). I liked how you brought the topic of how much it costs to simply ask someone to prom these days, compared to years ago. For instance, my mother only had to pay up to $80 for her dress and alterations when she was going to prom with her date. Now alterations can lead up to more than $200. It's a depressing matter when everything costs hundreds more in this economy now. Overall, I enjoyed your post about prom, since in a week it will be prom day!!
ReplyDeleteI really enjoy that you chose to do your post on prom and its relation to the economy because most everyone that will read this post can relate to it! I definitely can relate to it because I've actually been to prom three times and definitely agree that it's not worth the big dollars that we spend on it. Girls are driven to spend more money on their dress, shoes, hair, make-up, etc by the competition to look the best at prom. It's a pretty ridiculous notion because everyone looks beautiful at prom and we shouldn't strive to look the best, but to have the best time instead. All three times I went to prom, I didn't even have a good time. After I was left wondering why I spent that much money, but it's just something we do in order to live up to the standards already set in place. I agree that there are other alternatives to spending money like borrowing shoes, jewelry and doing your own make-up. I think there are many ways to make prom relatively cheap, but we want everything to be our own so we don't explore these options. However, based on my experiences, I would encourage all girls and boys to find alternatives to spending the crazy amount of money on prom.
ReplyDeleteKelly, I certainly agree that prom and all of it expenses are elastic. However, people are willing to spend great amounts of money for this one-night affair, so I wonder what trade-offs people are sacrificing? Also, I bet you could look more specifically into girls’ dresses, and how scarcity might affect cost, because as the season of this event draws near, there typically begins to be a shortage at many dress shops.
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ReplyDeleteThe cost of prom certainly has risen over the years! This is most likely due to the fact that demand for prom "essentials" has increased because more people have decided to go to prom and are willing to spend more. Elastic goods such as limo rides to the venue, extra jewelry, and high riced prom tickets surely add up. I'm sure girls spend more than guys do, as dresses are more expensive as tuxes. One way girls can earn more money after prom so that the cost lowers would be to sell their dress to a friend or a second hand prom store. This would be a smart investment because then girls can find the dress they want, but not feel bad for spending so much on it and can put that money towards college. Like Emma said, I think it would be interesting to see if certain areas in Wisconsin and across the country spend more on prom than other schools. Overall, interesting post, nice job!
ReplyDeleteI couldn’t agree with you more; prom is way too expensive. Why do people spend so much? What does all that money even go to? I was startled by how much people spend on promposals. What if the person being proposed to says no? What a waste of money, time, and effort. Luckily, there are ways to save money on prom, such as borrowing a friend’s outfit, or buying one that is used. Of course, you could always just skip prom and do something else with your friends that’s cheaper and still just as fun.
ReplyDeleteProm does cost a LOT, I’ve already spent over $500 and I still have more things I need to buy. Personally, I don’t think prom should cost this much, and it almost made me not want to go. Especially for a family like my own, money is very tight and will be hard for my parents to spend so much money on what we COULD be using to pay off my dad’s never ending medical bill. It makes me feel guilty, even; I’m sitting here in a pretty dress that I’m only going to wear once in exchange for my dad barely being able to afford what he needs to stay alive. But most parents are willing to sacrifice their extra income to allow their child to have one fun night. Parents deserve more credit than they get, I know my parents do.
ReplyDeleteIt is a well known fact that people spend huge amounts on prom each year. Most, however, would probably see it as a once in a lifetime opportunity, so they go all out and spend all that they need to make it the best night of their life. Although some may say there are many opportunity costs such as using the money to pay for college or doing something less expensive with friends, but most see it as an inelastic opportunity, so they will pay for it no matter the cost.
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