SOUTHFIELD, Mich. (WXYZ) — Graduation season is in full swing across metro Detroit, and for many families, honoring their graduate comes with a significant financial commitment.
Watch Demetrios Sanders' report below
The National Retail Federation forecasted graduation-related spending would reach a record-breaking $6.8 billion in 2025.
Sarah Wrenn is preparing to celebrate her daughter Allyson's graduation from Wyandotte Roosevelt High School.
"We're so proud of her; she's overcome a lot to get to this point," Wrenn said.
Between senior photos, announcements, cap and gown, and a venue for a party, Wrenn says celebrations cost thousands of dollars. She says the expenses are worth it, but she has noticed costs have climbed since her older children graduated.
"It was just a couple of years ago we went through this, but prices have skyrocketed for everything. Venue prices, food costs, you pay for the photographer's time," Wrenn said.
To offset some of those costs, Wrenn said she found savings by having family make the cake and food instead of hiring a caterer.
"I think it's a balance. I think there's an in-between, like yeah, it's my kid, anything goes, but you have to draw the line somewhere," Wrenn said.
The costs extend beyond high school. Eliana Schreiber, a Wayne State graduate, said the expenses start before the ceremony even begins.
"You definitely have to pay for the gear. So that's 80 bucks right away, and that's just for the basic gear, no extra frames for your diploma or tassels or whatever," Schreiber said.
Rick Bloom, president of Bloom Advisors, said as prices rise, it is important to set a budget and look for less expensive ways to celebrate.
"I'll tell you for my high school graduation, my parents took us to the pancake house, and that was perfectly fine," Bloom said.
Bloom said one of the most common mistakes families make is waiting too long to plan.
"People need to start early in planning for these things and not wait until the last second. I think that's one of the mistakes people make, and all of a sudden they have no other options," Bloom said.
He also said spending less does not reflect how much a family values their graduate.
"We get in a view in our society that the more you spend, the more you love someone, and that's absolutely not true," Bloom said.
For Wrenn, the focus remains on what the day is really about.
"At the end of the day, as long as she is proud of her accomplishment and we get to celebrate that, and she's happy with everything, that's all that matters to her dad and I," Wrenn said.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
