Visa said it calculated the nationwide average cost of a big night out at $1,139, which is up from $1,078 last year, despite the economy's stubbornly slow growth.
"The thing that stuck out the most is that this trend is continuing to grow," Nat Sillin, head of Visa's US Financial Education, told ABCNews.com. "Prom affects so many families in the country, and every teen has an experience, whatever it could be."
The complete prom package includes dinner, limo rental plus the cost of a fancy dress or rented tuxedo.
Sillin noted the Visa poll found families surveyed with an annual income of less than $50,000 anticipated spending a bit more than parents making more than $50,000.
"Statistics worth investigating further are the difference in spending in different incomes," Sillin said.
Visa surveyed 3,000 families nationwide, of whom 1,025 had a teen who was penciled in for their prom this spring.
Swim Week Miami Beach 2014 [PHOTOS]