NEW YORK – Hispanic affluence just keeps surging.
A while ago, it moved beyond Miami, spreading to Texas cities San Antonio and Houston.
“Florida isn’t a wealth engine anymore,” said Isabel Valdes, president of the strategic consulting firm IVC. “It’s as wealthy, but now there’s strong competition from Texas.”
This week’s list ranks markets with household income exceeding $150,000 annually. Those demographics are sure to change, too. According to a 2005 U.S. Census report, immigrants — largely Mexican— are moving beyond traditional footholds like California and Texas, where half of all Hispanics still live, to places like South Dakota, Indiana and New Hampshire.
Since Hispanics are the fastest-growing minority group in the U.S., more affluence is sure to follow. A quick look at the statistics tells the story. In 1996, only 5.5 percent of all Hispanic households made over $100,000; 10 years later, the new number is 8 percent. That’s every retailer’s dream: strong, hot markets.
For the complete WWDList, see tomorrow’s issue of WWD.