Fewer gifts, more experiences | Morning Newsletter
And how to get a better mortgage rate
The Morning Newsletter
Start your day with the Philly news you need and the stories you want all in one easy-to-read newsletter
Welcome back, it’s Friday eve.
It’s December, so it’s full-blown holiday season. That also means it’s one of the peak shopping seasons. Despite economic uncertainties, sales hit $11.3 billion this past Cyber Monday, a record day for online shopping.
But not everyone can or wants to dish out big money this year.
Our lead story focuses on some Philly shoppers who are approaching spending and gift-giving differently this year.
If you see this 🔑 in today’s newsletter, that means we’re highlighting our exclusive journalism. You need to be a subscriber to read these stories.
— Taylor Allen (@TayImanAllen, morningnewsletter@inquirer.com)
It’s too early to say how economic uncertainty will impact overall holiday spending, but it’s already altering people’s approach to gift-giving.
Across the country, more households are reporting economic difficulties such as paying for basic expenses like food, gas, and utilities.
At the same time, inflation isn’t giving anyone a break. The cost of airfare is up more than 42%, while gift wrapping and shipping increased about 13%.
Philly-area consumers are planning to spend about 3% less than last year. On average, they plan to give 10 gifts compared to 19 last year. In many cases, consumers are opting to spend money on experiences rather than pricey items.
Pay attention: It’s unclear what these early trends will mean for the rest of the holiday season as interest rates climb and layoffs hit.
Keep reading to discover how several Philly consumers are opting to spend less this season.
What you should know today
After a stolen van destroyed Lee’s Deli in West Philly, the community hopes to rebuild.
SEPTA’s Key Card program has swollen to more than twice the amount originally budgeted.
Helen Gym officially announced her run for mayor.
Luxury hotels could be coming to the Wildwood boardwalk and Asbury Avenue in Ocean City.
The Pennsylvania Senate formally accepted articles of impeachment against District Attorney Larry Krasner.
Local coronavirus numbers: Here’s your daily look at the latest COVID-19 data.
Don’t count on seeing those historically low mortgage rates from the early days of the pandemic anytime soon.
Regardless, there are still homebuyers who want or need to purchase and there are options.
Reminder: Rates aren’t everything. There are programs that may fit your profile that can help, and homeowners can pay to refinance mortgages later if interest rates drop.
Tips: Aspiring buyers should shop around for lenders and loans.
It’s also a good idea for buyers to consult with housing counselors and financial advisors about improving their financial profile.
Lenders are trying to attract clients, so keep an eye out for new deals.
Keep reading for more insight on how to get a better rate.
🧠 Philly Trivia Time 🧠
A recently shuttered church in Northern Liberties, The Immaculate Conception Church, could soon be transformed into an apartment building.
How old is the church?
A) 200 years
B) 150 years
C) 300 years
D) 125 years
Find out if you know the answer.
What we’re...
🍿Anticipating: The premiere of The Inspection, the true story of young, gay Black man who enlists in the Marines, where he battles for acceptance and ultimately finds camaraderie. 🔑
🏠 Perusing: Pictures of a beautiful six-bedroom, colonial-style home in West Mount Airy. Be sure to check out the home office.
🧩 Unscramble the Anagram 🧩
Hint: a popular deli
CELEGRINSSSH
Think you know? Send your guess our way at morningnewsletter@inquirer.com. We’ll give a shout-out to a reader at random who answers correctly. Today’s shout-out goes to David Ross, who correctly guessed Roundhouse as Wednesday’s answer.
Photo of the Day
And that’s a wrap. I’m starting my day with a breakfast burrito 🌯. Thank you for beginning yours with The Inquirer.