Hispanics aren’t spending like they used to, perhaps in light of President Trump’s rhetoric on immigration.

Reuters/David McNew

According to both a retail CEO and analysts, Hispanic shoppers are spending less in 2017 than in previous years — and the industry is sounding the alarm.

“The Hispanic consumer in the US is shopping much less,” Target CEO Brian Cornell said during the Fortune Brainstorm Tech conference Tuesday. “Particularly among border towns in the US, you’re seeing a change in behavior.”

This tracks with what others in the retail community are saying. NPD Group’s analysts told Bloomberg