South Florida a hot spot for infant, youth
By Janice Chamberlain -- Kids Today, 8/1/2006 12:00:00 AM
Known for spring-break activities, sand and surf, NFL and NBA championship teams, the Miami-Fort Lauderdale-Miami Beach area is also a mecca for kids' merchants.
Among the 934 U.S. metro markets, Miami ranks in the upper third of metros for juvenile furniture spending in 2005 and in the top half for spending on infants' equipment.
Statisticians at New York-based Easy Analytic Software Inc. (EASI) project 5% growth in the number of children 11 and younger for the greater Miami metro area from 2005 to 2010. That compares with an overall no-growth projection for the U.S. as a whole for the same time period.
Just as the growth in the child population in Miami is forecast to outpace the national growth rate over the next five years, Miami household income is also expected to exceed the national average by 3%, providing opportunities for savvy kids' retailers to snag additional revenue dollars.
EASI statisticians expect greater-Miami residents to exceed the national rate of spending on juvenile products from 2005 to 2010. In 2010, the national spending growth rate for juvenile furniture and infant accessories is anticipated to increase 24% over 2005. In comparison, Miami spending on juvenile furniture is projected to jump 28%, with spending on infant accessories up 26%.
One of the biggest areas of opportunity is among the Hispanic population. According to EASI statisticians, Hispanic households represent one third of Miami's total households. They are projected to account for 36% of households in 2010. Miami ranks in the upper 5% of the nation's more than 900 metropolitan areas for its concentration of Hispanic households.
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