(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
Ahiza Garcia, CNN
David Goldman, CNN
Aaron Smith, CNN Newswire
Jethro Mullen Ivana Kottasova and Patrick Gillespie, CNN