New survey shows Minneapolis residents plan to spend big on holiday shopping
MINNEAPOLIS — Squeezed or not, Minneapolis shoppers are gearing up for the holidays.
"It's going to cost a boatload, for sure," said Dalon Mitchell of Minneapolis.
According to the 2024 Deloitte Minneapolis Holiday Retail Survey, they are expecting to spend 15% more to celebrate the holidays this year.
That comes out to $1,717. Here's how it breaks down:
- $570 for gifts
- $438 for decor and apparel (like matching Christmas jammies)
- $709 for experiences, including holiday events and socializing with loved ones
Even traditional ways to save cost more.
"Vintage is getting more expensive, I will say that," said Darien Neff of Minneapolis.
Neff is among those buying fewer gifts, shopping for fewer people, and even cutting back on non-essentials like dining out and travel.
"It kind of loses its charm throughout the years," Neff said. "At first, we're like, 'Oh my gosh,' we just have that child-like wonder. And now I'm getting older so I'm like just trying to make it through the day (laughs)!"
In order to save, shoppers' habits are changing, but parents are still willing to overspend on their kids.
"Normally, maybe I might do a Black Friday. I kind of have to, to get my kids stuff and if I want to donate or if I can donate," said Azul Price of St. Paul.
"I've got sons, you know, so the first thing they're going to think of is like, 'Hey this is what I want, Dad,' and I'll be like, 'OK, let me make room for that,'" Mitchell said.
According to Deloitte, Minneapolis shoppers are slightly more optimistic about the economy, with 42% expecting the economy to improve next year. That's up from 28% last year.
"I'm hopeful about a lot of things, that's just me though," Neff said. "I think it's just me sometimes!"
The survey showed people expect to splurge on electronics and clothing. And they'll do their shopping away from stores.
According to the survey, 47% of people plan to shop on their phones, while 9% say they'll purchase gifts through social media-targeted ads.
