Good economy in Philadelphia when the sports teams are winning
The United States is going through what most call the beginning of a recession and Philadelphia is definitely also experiencing the same. It has been long said that there is a direct correlation between the success of a city’s sports teams and the overall morale of the city. Studies have shown that when a city’s sports teams are doing well, there is a significant increase in consumer spending. This is due to the fact that people are in a good mood and they are more likely to spend money when they are happy. The same can be said for when the economy is doing well. When people have money, they are more likely to spend it.
So, what does this mean for Philadelphia?
Well, it just so happens that the Philadelphia sports teams are doing very well right now. The Eagles are undefeated, the 76ers will likely be one of the best teams in the NBA, and the Flyers as of now have been fairly good which was not expected, the Eagles are undefeated, The Union and Phillies both recently almost won their respective Championships. This is good news for Philadelphia because it means that people are spending money and the economy is doing well.
There have been many studies conducted on this topic and they all say the same thing. When a city’s sports teams are doing well, so is the city’s economy. This is good news for Philadelphia and it should continue throughout the year.
We asked Philadelphia Realtor Brett Rosenthal, what he is seeing in the Philadelphia Economy and this is what he said
Brett has lived in Greater Philadelphia his entire life and this is not the first time that he has seen the economy have a surge due to the sports teams. Clearly the box office sales increase when the teams are doing well, but the surge is not just with the box office. You could not get a ticket to the World Series last week unless you hit the secondary ticket market. On secondary sites tickets are running about $900 at the absolute lowest for the worst seats in the stadium.
Stores that sell sports apparel such as Shibe Vintage Sports and online retailer Generation T have seen sales skyrocket due to the Philadelphia teams success. Department stores have even showed an uptick. Brett said last week he was in Nordstroms in King of Prussia and the song Dancing on My Own came on and he instantly saw people singing and bringing merchandise to the register. He was absolutely amazed by what he was seeing.
We asked Brett how has the success affected Real Estate in Philadelphia
Interest rates have gone up over the last few months, so obviously the amount of buyers in the market are smaller. However, Rosenthal and the Revolve Philly Group have noticed an increase in listings going on the market over the last two weeks. Brett even had a client in Center City Philadelphia who told him to sell his house fast because he’s about to blow money on Phillies World Series tickets. He says that just like retail, when people are happy and upbeat they explore spending money. He also said that when the city has multiple sports teams that are having success it brings home buyers from out of the area into the market. Everyone loves living in a town that has good sports teams.
In conclusion, Philadelphia’s economy is doing well because its sports teams are doing well. This is good news for everyone involved and it should continue throughout the year.