Who usually pays for prom?

Who usually foots the bill for prom, and what factors influence who takes on this responsibility? Is it primarily the students themselves, their parents, or perhaps a combination of both? Are there any cultural or socioeconomic differences that impact who typically pays for prom, and if so, how do these differences manifest? Additionally, how do students and parents navigate conversations around who will cover the costs, and what strategies can they employ to ensure that the financial burden is manageable and fair?