2018-2019 Miami Retail Major Markets Report

MARKET DYNAMICS INMIAMI-DADE

18-34 AGE GROUP recently passed Boomers in total size

$69,993 AVERAGE HOUSEHOLD INCOME

DIGITAL NATIVES GREW UP AND ARE COMFORTABLE ONLINE

54%OF MILLENNIALS now make PURCHASES ONLINE, up from 51% in 2015

$1.4 TRILLION purchasing power by 2020

MILLENNIALS DON’T VIEW THE WORLD IN TERMS OF CHANNELS

Millennials are attracted to the sun, sand and fun in South Florida. They see Miami-Dade’s densityanddiversityasplusesandasasource of community and as vitality. Millennials also contribute to the gentrification of many neighborhoods, improving once blighted or marginalizedareas. InMiami-Dade,Millennials have changed the overall composition of

several neighborhoods, including Wynwood and Downtown, but have not totally erased the existing dynamics in those areas. The different communities where Millennials live and work have created unique environments that allow retailers to test out new concepts and create innovative experiences that hope to capture a Millennial’s attention.

MIAMI RETAIL MAJOR MARKETS REPORT

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