Philadelphians say 'tis the season of saving
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Illustration: Allie Carl/Axios
Santa Claus is coming to town, and he better bring a big, fat wallet because Philadelphians are spending less on holiday gifts than in years past.
Why it matters: Making kids and adults happy this time of year isn't cheap.
Driving the news: Philadelphia shoppers are projected to spend $1,484 this year, down from $1,777 in 2024, per Deloitte's holiday retail survey.
- That's less than the national spending average ($1,654), which is increasingly being driven by millennial and Gen Z shoppers.
- 77% of those surveyed are expecting higher prices.
The big picture: Philly shoppers are buying holiday gifts earlier in the year, with 23% of those surveyed saying they'll have already blown through their holiday budgets by October.
- Black Friday is still expected to be the city's biggest spending day, with many shoppers preferring to hunt for deals in person rather than online.
How it works: Deloitte surveyed 413 Philadelphians between late August and mid-September, with a margin of error of ±5 percentage points.
The intrigue: Despite scaling back spending, 46% of Philadelphians expect the economy to remain the same or improve in the next year, up from 41% in 2025.
Zoom in: More Philadelphians are spending on toys and hobbies for loved ones this year, while many of those shelling out for experiences — think restaurant gift cards and event tickets — also plan to pair them with another gift.
- 35% of Philly shoppers say they'll give cash in lieu of gifts this season.
Yes, but: Loved ones aren't the only ones feeling the pinch.
- Philly shoppers say they'll spend less on themselves, too — an average of $174 — with most splurging on clothes and accessories.
The bottom line: If that '54 convertible, light blue, is on your wish list, Santa's probably your only hope.