Port Washington, NY, July 18, 2018 —After years of being in the doldrums, U.S. retail spending showed a significant uptick in the first quarter of 2018, and Hispanic communities are a key contributor, according to The NPD Group, a leading global information company. NPD’s Retail Tracking Service shows that U.S. retail spending on general merchandise categories at brick and mortar rose 8 percent in in Q1 2018, compared to Q1 2017, outpaced by increases in the top 20 Hispanic core-based statistical areas (CBSAs) which showed 12 percent growth during the same period.
The upswing that occurred in the beginning of 2018 is the most significant shift in spending since declines seen at the end of 2016. Overall retail spending and spending among Hispanic consumers in the U.S. have both been on the rise over the last few quarters, and there is a visible correlation between the two.
“Unlike last year, Hispanics are spending, which leads to a very different story for this important market and U.S. retail in general,“ said Marshal Cohen, chief industry advisor, The NPD Group, Inc. “As Hispanic shoppers continue to feel more confident with the immigration policy and their improved job market, they resume their pre-election slowdown position of outpacing overall U.S. consumer spending.”
Source: The NPD Group / Retail Tracking Service, U.S. brick and mortar dollar sales from participating retailers