Philadelphians brace for higher prices this holiday season

Driving the news: Philly's holiday spending will be flat this year at $1,777 per household, on par with the national average, per Deloitte.

• This comes on the heels of a 20% spike in spending last year.

Zoom in: Seven out of 10 Philly shoppers surveyed say they're expecting higher prices this year.

• But 43% are hoping the economy will improve next year.

By the numbers: Philadelphians expect to spend $558 on gifts, $551 on other holiday items like decor, and $668 on holiday experiences.

What they're saying: The concern about higher prices is "driving bargain-hunting behavior that may challenge both brand and retailer loyalty," says Jenna Pogorzelski, a managing director at Deloitte.

Case in point: 74% of Philadelphians say they're planning to shop during Black Friday week.

• That's up from 60% in 2023.