Prom spending falls for first time in 3 years

With the school year coming to a close, it looks like parents are closing their pocketbooks to prom spending, too. According to a survey released by Visa (NYSE: V), the average prom-goer in the U.S. will spend $978 on prom in 2014, a 14 percent decrease from last year's average of $1,139.

These figures include all prom-related expenses, including the dress, tuxedos, limo rental, dinner and ticket. 

So what's to blame for the decline? Retail analysts suspect that an unusually harsh winter may partly be to blame. Others speculated that prom spending may simply have been delayed by a calendar shift that has pushed Easter and spring break later in the year.

Broken down by region, prom spending saw the biggest decline in the Northeast and the South, with drops of 27 percent and 23 percent, respectively. The West Coast remains the biggest-spending prom region, averaging $1,125 per family. Midwestern families are the most frugal, averaging just $835.

The survey also found, surprisingly, the cost of prom falls almost equally on both parents and the teens themselves. Parents plan to pay for 56 percent of prom costs, while their teens are covering the remaining 44 percent.

Visa surveyed 4,000 families via telephone to collect data for this year's survey. 

For more:
-See this CNN Money article

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