{"id":68106,"date":"2023-05-08T01:11:14","date_gmt":"2023-05-08T05:11:14","guid":{"rendered":"https:\/\/world.edu\/?p=68106"},"modified":"2023-05-08T17:02:54","modified_gmt":"2023-05-08T21:02:54","slug":"prom-is-more-than-just-a-big-dance-party-and-can-cost-a-pretty-penny-ap-photo-paul-ratje-prom-price-index-shows-cost-of-celebration-is-getting-relatively-cheaper-even-at-a-time-of","status":"publish","type":"post","link":"https:\/\/world.edu\/prom-is-more-than-just-a-big-dance-party-and-can-cost-a-pretty-penny-ap-photo-paul-ratje-prom-price-index-shows-cost-of-celebration-is-getting-relatively-cheaper-even-at-a-time-of\/","title":{"rendered":"Prom price index shows cost of celebration is getting relatively cheaper \u2013 even at a time of high inflation"},"content":{"rendered":"

\"\"<\/p>\n

Going to the prom can be an expensive affair for cash-strapped teenagers. Past estimates and surveys put the average cost anywhere from\u00a0US$600<\/a>\u00a0to\u00a0$1,000<\/a>\u00a0or more<\/a>. Some teens reportedly spend upward of $2,000 on the traditional dancing ritual at the end of high school \u2013 and that\u2019s not including an\u00a0over-the-top after-prom party<\/a>.<\/p>\n

But with inflation running at the\u00a0fastest pace since the 1980s<\/a>\u00a0over the past year, has the price of prom jumped in cost too?<\/p>\n

As\u00a0an economist<\/a>, I became curious about the cost of proms back in 2014, when my daughter attended the dance. After tallying up how much this rite of passage was costing me, I started\u00a0tracking the costs<\/a>\u00a0over time. What I found surprised me \u2013 and will likely delight any parent helping cover the cost of their teenager\u2019s big day.<\/p>\n

A centuries-old tradition<\/strong><\/h4>\n

Proms have been around<\/a>\u00a0since at least the end of the 1800s and are a signature high school experience.<\/p>\n

Proms have been featured in\u00a0Broadway plays<\/a>\u00a0and in\u00a0movies<\/a>\u00a0ranging from\u00a0horror<\/a>\u00a0to\u00a0comedy<\/a>. Traditions surrounding prom are changing, with newer twists like\u00a0going without a date<\/a>\u00a0or wearing\u00a0nontraditional clothes<\/a>.<\/p>\n

Given the high price of buying dresses, renting tuxedos and even the tickets themselves,\u00a0articles are full of ideas<\/a>\u00a0on how to\u00a0save money<\/a>.<\/p>\n

While the\u00a0social and cultural aspects<\/a>\u00a0are interesting, my training leads me to consider the more financial and economic aspect of things.<\/p>\n

Fundamentally, when the prom\u2019s price goes down, more teens can afford to go, and it becomes a more inclusive shared experience. When the price rises, however, the prom becomes a more exclusive social event attended mostly by those with wealthier parents, resulting in fewer common shared experiences. The high cost is one reason why only about\u00a0half of all Americans attended their prom<\/a>.<\/p>\n

And even for people not directly connected to the high school experience, the price of the prom is important. The U.S. is a melting pot of different cultures, religions and ethnic groups. Tying these disparate groups together is a variety of common shared experiences, such as\u00a0celebrating the Fourth of July<\/a>, eating\u00a0turkey at Thanksgiving<\/a>\u00a0and, for teens, experiencing the prom.<\/p>\n

The prom price index<\/strong><\/h4>\n

Official statistics do not track the cost of going to the prom directly. However, the\u00a0Bureau of Labor Statistics<\/a>\u00a0follows the prices of hundreds of individual items from prepared salads to doughnuts. The\u00a0consumer price index<\/a>\u00a0includes many things teens typically spend money on for the prom.<\/p>\n

I created a\u00a0prom price index<\/a>\u00a0from 10 of the consumer price index\u2019s components, including dresses, suits, shoes, photographers and haircuts. I even crunched data on the price of beer, which covers the age-old tradition of\u00a0sneaking in a drink when the adults are not looking<\/a>.<\/p>\n

The consumer price index does not specifically cover common prom purchases like limousine rentals, corsages, boutonni\u00e8res and bouquets but does track \u201ccar rentals\u201d and \u201cindoor flowers,\u201d which are pretty close categories that I included in my index.<\/p>\n

The hardest category to match was the cost of prom tickets. This is not as much of a problem as I expected because the price of the ticket turned out to be not the biggest part of the total cost. The closest category was \u201cfull service meals,\u201d even though from the stories I heard almost none of the attendees spent much time actually eating.<\/p>\n

Besides crunching the data since last year, I also peeked back in time to 1998 to get more data to understand the trends over the last quarter century.<\/p>\n

Prom is getting relatively cheaper<\/strong><\/h4>\n

Averaging these 10 categories shows that the cost of prom isn\u2019t keeping up with overall inflation \u2013 good news for today\u2019s teens.<\/p>\n

My prom price index climbed about 11% in March 2023 \u2013 the latest data available \u2013 from two years earlier, which is around the time when inflation began to surge. That compares with nearly 14% for overall consumer prices.<\/p>\n

\"\"<\/p>\n

Going back a bit further, I found that the average price of proms has been climbing at a much slower pace than overall inflation for quite a while. In fact, since 1998, prom prices have risen just 40% through March 2023, less than half the 86% gain in the consumer price index over the same period.<\/p>\n

The primary reason the prom inflation is so much less is that the cost of items like clothing and shoes hasn\u2019t increased in price much over the past couple of decades \u2013 or even fallen. Since 1998, the average price of men\u2019s shoes, for example, has gained only 12%, while the price of men\u2019s sport coats has actually plunged 25%. Even the cost of one of the most expensive items needed for the prom, women\u2019s dresses, has dropped 12%.<\/p>\n

Not every prom category saw price restraint. Full-service restaurant meals and haircuts have approximately doubled in price since 1998, while beer and car rentals have climbed just under the level of overall inflation.<\/p>\n

Proms will never be cheap. However, it is nice to know that over time, the real cost of attending this rite of passage is falling even with the recent sharp jump in inflation.<\/p>\n

Author Bio: <\/strong>Jay L. Zagorsky is a Clinical Associate Professor at Boston University<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Going to the prom can be an expensive affair for cash-strapped teenagers. Past estimates and surveys put the average cost anywhere from\u00a0US$600\u00a0to\u00a0$1,000\u00a0or more. Some teens reportedly spend upward of $2,000 on the traditional dancing ritual at the end of high school \u2013 and that\u2019s not including an\u00a0over-the-top after-prom party. But with inflation running at the\u00a0fastest […]\n… learn more→<\/a><\/p>","protected":false},"author":33,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29],"tags":[434422],"coauthors":[11733],"class_list":["post-68106","post","type-post","status-publish","format-standard","hentry","category-higher-education","tag-proms"],"acf":[],"yoast_head":"\nProm price index shows cost of celebration is getting relatively cheaper \u2013 even at a time of high inflation - World leading higher education information and services<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/world.edu\/prom-is-more-than-just-a-big-dance-party-and-can-cost-a-pretty-penny-ap-photo-paul-ratje-prom-price-index-shows-cost-of-celebration-is-getting-relatively-cheaper-even-at-a-time-of\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_US\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Prom price index shows cost of celebration is getting relatively cheaper \u2013 even at a time of high inflation - World leading higher education information and services\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Going to the prom can be an expensive affair for cash-strapped teenagers. 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Past estimates and surveys put the average cost anywhere from\u00a0US$600\u00a0to\u00a0$1,000\u00a0or more. Some teens reportedly spend upward of $2,000 on the traditional dancing ritual at the end of high school \u2013 and that\u2019s not including an\u00a0over-the-top after-prom party. 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