February 13, 2025

Buckeye’s holiday spending soars

Buckeye shoppers boosted local revenues this holiday season, driving December 2024 transaction privilege tax (TPT) collections to $7.19 million.

Retail and dining activity led the way, with restaurants reaching their highest December revenue on record. While retail bounced back from a dip in 2023, the city’s economic trajectory remains strong as it prepares for transformative developments.

Retail TPT revenue in December 2024 climbed to $2.72 million, up 17.9% from 2023’s $2.31 million but still below the $3.05 million peak recorded in 2022. Restaurants and bars, meanwhile, continued their upward trend, reaching $496,658 — an impressive 14.2% increase over 2023 and the highest in Buckeye’s history.

Why the drop in 2023?

The sharp dip in retail revenue in December 2023 — down 24% from 2022 — may point to a mix of factors:

  • Economic pressures: High inflation and rising interest rates in 2023 likely constrained consumer spending during the holidays.
  • Retail shifts: Some shopping may have shifted online or to nearby cities with more established retail hubs, reflecting Buckeye’s need for expanded shopping options.
  • Pandemic stimulus effects: The record-high retail revenue of 2022 may have been artificially inflated by lingering effects of pandemic-era stimulus programs and deferred spending.

While 2023 was a challenging year for retail, the strong rebound in 2024 signals renewed consumer confidence, bolstered by Buckeye’s growing population and increased local shopping opportunities.

Looking Ahead: Verrado Marketplace and Sunrise Market

Buckeye’s retail and dining sectors are set to gain a major boost with the arrival of Verrado Marketplace and Sunrise Market in the coming years. Verrado Marketplace, expected to open in early 2026, will bring a mix of national and local retailers, restaurants, and entertainment venues, while Sunrise Market aims to serve growing neighborhoods with everyday conveniences.

These developments are critical for Buckeye as its population, which more than doubled from 2010 to 2020, continues to expand. With new residents come new demands for amenities, and projects like these ensure the city is prepared to meet those needs.

The bigger picture

Here’s how Buckeye’s retail and restaurant revenues have changed over the years:

Year Retail TPT Revenue Restaurant TPT Revenue
2019 $2,493,112 Not available
2020 $2,831,768 $380,439
2021 $2,965,776 $442,198
2022 $3,049,112 $470,616
2023 $2,307,845 $434,978
2024 $2,721,208 $496,658

Retail revenues peaked in 2022, while restaurants have seen consistent growth, culminating in record-breaking numbers in 2024. These trends suggest that Buckeye residents and visitors are increasingly spending on dining out, even as retail activity fluctuates.

Why it matters

For Buckeye residents, these numbers translate into tangible benefits. Higher TPT revenues fund critical infrastructure projects, parks, and community services, ensuring the city keeps pace with its growing population. They also highlight Buckeye’s evolution from a quiet suburb into a thriving retail and dining destination.

As the city gears up for the arrival of new shopping centers, the rebound in 2024 signals a strong foundation for future growth. With increased spending and major developments on the horizon, Buckeye’s holiday seasons are set to become even more significant for its economy.

2 Responses

  1. Hello Mr. Rosenblatt,
    I just read your article of Jan. 17th 2025.
    I would like to reprint a portion of it in “Good News Unlimited” (Est. 2005) a publication in and for Buckeye residents and downtown businesses. The newsletter 8×11 is hand delivered to readers. Circulation is 500. Publication is not on line.

    I would like to reprint the first three sentences and the information on “Why it matters” Deadline for Feb. 2025 is1-21-25. Thank you. Cynthia M. Howard, Publisher/Editor.

  2. The story on TPT taxes increase in Buckeye, AZ was a interesting article and very informative to the workings of the city and dollars they collected in taxesz

Leave a Reply

Your email address will not be published. Required fields are marked *

InBuckeye Newsletter

Newsletter

Follow Us

Weather

BUCKEYE WEATHER

Latest News