By Matt Artz
Wednesday, October 15th, 2008 at 11:19 am in Uncategorized.
Last month, I wrote about a retail study Fremont commissioned, which basically concluded that this is a town full of high-end shoppers with no place to splurge.
According the report, 28 percent of Fremont shoppers are what they call, Young Digerati: tech savvy savvy singles and couple living in fashionable neighborhoods, who shop at Banana Republic, order from J. Crew and drive Range Rover SUVs.
The next biggest group was “Money and Brains”: Rich couples with few children who shop at Nordstrom, eat at California Pizza Kitchen, and drive a Mercedes Benz E Class.
Makes you wonder how Newark Days keeps chugging along.
One reason given for high-end retailers staying away is that the town has a plurality of Asian residents, and Asian-Americans typically don’t spend as much money on entertainment and apparel. Supposedly, they spend more on frivolous things like caring for their elders and educating their kids.
But Fremont’s report concluded that Asians here want to splurge at Banana Republic just as much as anybody else, even if they are paying to have their grandparents under the same roof as them and hiring tutors for their kids.
The United States Department of Labor sees things a little differently. In a 2005 report it found that Asian-Americans spent a higher proportion of family income on housing and edcuation and less on entertainment, food, booze and clothing.
To read the report, which includes a fancy graph, click here.