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Visa survey reveals average prom expenses
Foster City, Calif. (WKRC) -- According to a new survey released by Visa, American households with teens will spend an average of almost $1,000 on prom in 2014.
That cost is down 14 percent from 2013 when the average spending was $1,139. The cost factors in expenses like attire, limousine rental, tickets and dinner. The decrease comes after three years of steady increases.
Despite the drop, prom spending is still high and represents a major expense in American households with high school students.
Visa's survey also revealed regional and economic disparities across the country. West Coast states spent the most while the Midwest spent the least, but both regions spent more than they did last year while the Northeast and South saw significant drops in spending, 27 percent and 23 percent respectively.
Visa is also developing an app called Plan'it Prom which will allow teenagers to responsibly budget for prom.