Prom season is upon us once again. As teenagers around the nation anxiously scramble for the perfect ensemble, we are left to wonder about the economic motivations behind the beloved tradition.
The promenade, or prom, has its roots in debutante balls — gatherings that served as a young woman’s entrance into high society. However, the first proms, those that we have become familiar with, were held between the late 1800s and early 1900s by colleges and universities. Eventually, in the 1920s, prom was adopted at the high school level and transformed into the spectacle we know today.
Over the decades, this tradition has evolved based on the present culture. Appearance, themes, and music were all thoughtfully deliberated upon in order to capture the essence of the time period. For example, the typical style of dress ranged from full length gowns in the 1950s, to hippie-casual in the 1960s, to statement combat boots in the 1990s.
Yet, an even bigger revelation to prom came during the 2000s with the emergence of mobile phones and social media. Capturing and sharing the moment offers an added pressure for attendees as they are forced to curate the perfect experience, marked by pure luxury.
This trend provides a catalyst for manic spending, and businesses alike are excited by the potential profits of prom season. Historically, estimates have averaged that the cost of prom can range between $600-$1,000 — with some expensing an upward of $2,000. Overall, the industry grosses $4 billion a year.
To keep up with the demand for dresses, tuxedos, shoes, jewelry, floral arrangements, aesthetics, limousines, and more, businesses have adapted to reap the heftiest profit they can. Between the millions of dollars spent on advertisements, promotions, and engagement, businesses have learned that you can’t put a price on memories. Thus, this growing industry proves reliable to businesses time and again as the workings of capitalism commercialize a cherished tradition.