Nov 14, 2023 - Business

Philadelphians to lean on sales this holiday season

Illustration of the bottom of a Christmas tree made out of cash without gifts

Illustration: Sarah Grillo/Axios

Philadelphians are thankful for gift cards and Black Friday sales this holiday season.

Driving the news: More than three-quarters of Philly shoppers say they'll take advantage of the sales offered on Black Friday and Cyber Monday to combat the rising costs of gifts, according to a new survey from consulting firm Deloitte.

  • That's up more than 20% from 2022, with local consumers bracing to spend more on gifts this holiday season.

Why it matters: Local shoppers expect to spend more than $1,800 on holiday gifts this season, per the survey.

  • That's more than Northeast shoppers expect to spend and 12% higher than the average American, who anticipates shelling out more than $1,650 this year.
  • The Midwest had the lowest regional average at $1,426.

What they're saying: "Black Friday has traditionally been important here," Jenna Pogorzelski, managing director at Deloitte, tells Axios. "Inflation-wary Philadelphia consumers want to make the season merry."

Zoom in: Philadelphians making between $100,000-$199,000 expect to increase their holiday spending budget by more than $700.

Yes, but: Only a little more than half of the 400 Philly consumers surveyed plan to stay within their budgets.

  • Some savvy shoppers already took advantage of promotions offered in October, but most are waiting for the Black Friday and Cyber Monday blitzes to get the most bang for their buck.

Of note: Philadelphians seemed unbothered by Mashable's claim that getting loved ones gift cards for the holidays was a "failure of society on all levels."

  • They'll spend about $293 on gift cards this year compared with $266 in 2022.

Editor's note: This story was corrected to note that Jenna Pogorzelski's title at Deloitte is managing director, not senior audit manager.


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