Austin Set For Retail-Spending Boom
A pair of Texas markets -- Austin and San Antonio -- are among those projected to deliver the largest percentage growth in retail spending over the next five years, according to Nielsen.
Austin -- which is experiencing a population boom -- is expected to top the list with an estimated 19% bump. In 2012, it moved to the country's 45th-largest, up two spots in a 12-month period.
San Antonio, however, remained the country's 36th-largest with effectively no growth -- although retail spending is expected to jump by double-digits over the next five years. Nielsen also pointed to Denver and Raleigh as leaders in retail-spending increases. U.S. growth over the period is projected to be 9%.
Nielsen noted that the retail category helps drive a local ad market, reporting that in the May 2011-May 2012 period, 75% of retail spending was done with local TV and newspapers. Best Buy is struggling, but perhaps less in Albuquerque.
Nielsen says the market leads the country in per-household spend on digital cameras, 64% above the national average. In overall retail spending, the Albuquerque market -- which lost two spots in the market rankings in 2012 -- is projected to increase 13% over the next five years.