Retail sales to Hispanics are tumbling, as immigrants fearful after the election of President Donald Trump stay home and hoard their cash.
"There's almost a cocooning factor," said Brian Cornell, CEO of Target, at the Fortune Brainstorm Tech event Tuesday in Aspen, Colorado. "They are staying at home. They are going out less often. Particularly around border towns in the United States, you're seeing a change in behavior."
Cornell cited data by research firm NPD group, which found that purchases at certain retailers had fallen 8 percent in 2017. The drop was most acute in apparel and accessories, with a dramatic "high teens" drop in sneaker sales. Basketball, skate, and running shoes took the biggest hits, though work and occupational footwear grew.
In the year prior, Hispanics had accounted for 23 percent of all sneaker sales and nearly all of the sales growth. No other group saw similar drops.
For millions of concerned Hispanic immigrants, they're "not going out and shopping, they are staying home, they are afraid if they go out they may not come home," said Robert Kaplan, president of the Dallas Fed, in May.
Even if they're not afraid that they will be deported, they may know someone who could be. About half of the U.S. Hispanic population has documentation but is related to someone who is undocumented.