The consumer price index does not specifically cover common prom purchases like limousine rentals, corsages, boutonnières and bouquets but does track “car rentals” and “indoor flowers,” which are pretty close categories that I included in my index. I even crunched data on the price of beer, which covers the age-old tradition of sneaking in a drink when the adults are not looking. I created a prom price index from 10 of the consumer price index’s components, including dresses, suits, shoes, photographers and haircuts.

The consumer price index includes many things teens typically spend money on for the prom. However, the Bureau of Labor Statistics follows the prices of hundreds of individual items from prepared salads to doughnuts. Official statistics do not track the cost of going to the prom directly. Tying these disparate groups together is a variety of common shared experiences, such as celebrating the Fourth of July, eating turkey at Thanksgiving and, for teens, experiencing the prom. is a melting pot of different cultures, religions and ethnic groups. The high cost is one reason why only about half of all Americans attended their prom.Īnd even for people not directly connected to the high school experience, the price of the prom is important.

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. While the social and cultural aspects are interesting, my training leads me to consider the more financial and economic aspect of things.įundamentally, when the prom’s price goes down, more teens can afford to go, and it becomes a more inclusive shared experience.

Daughter of fortune