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Prom Season: How Much Are You Spending?

Digital Vision/Thinkstock(NEW YORK) -- A new survey by Visa finds that high school students and their parents are spending more on the prom this year.

The average family will shell out $1,078 for their kids' red carpet event this year, up from last year's average of just more than $800.

Analysts say peer pressure is turning the prom into a social arms race, as teens attempt to impress and outdo each other with limos, flowers, and lavish gowns and tuxes.

Copyright 2012 ABC News Radio

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