Prom Spending Way Up – Sign of Improving Economy or Imprudence?
The uniquely American tradition of “Prom” is often used as an indicator of economic trends. This year spending is way up which could be a good sign that the long Recession is over. On the other hand, the spending seems almost ridiculous in light of the cost of higher education in this country. Is $1500 for one night of revelry really worth it? Or would young people be better off spending less and saving more for college as put forth by the Sally Greenberg of the National Consumers League? Read more about this trend in yesterday’s NY Post and give us your opinion… How does this bode for future spending by Millennials on the wedding market? Are “over-the-top” weddings next on the agenda for Millennials?
This is a good sign for the economy but a bad sign for humanity! I'm surprised to see that people have a spare $1,500 to spend on anything, much less a dress they'll only wear once. I know that Prom is important, but I can think of way more important ways to use that much money.
I am surprised that this kind of spending has resumed as the economy is picking up. You would hope that giving up extravagances like $1,500 on high school prom would have been a trend that sticks post recession.
Even normally intelligent people just seem to lose their minds when it comes to special events like proms, weddings, etc. It can't just be a fun, special night anymore–it has to be some ridiculous over-the-top spending bonanza. A $100 dress isn't good enough for MY SPECIAL DAY, I must spend THOUSANDS to get the PERFECT dress. This kind of over-spending on prom teaches teens that they are entitled to ANYTHING they want for these special events because they somehow "deserve" it, whether they or their parents can afford it or not. I think this leads to feelings of entitlement in other areas of life and will not serve them well as they start out on their own in the adult world. They will expect a certain standard of living that their starting paychecks won't be able to sustain.