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Losing Hispanic Consumers? Don't Blame Trump, Blame Amazon

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"You see this played up on social media, you see it on Univision or on Telemundo," said Giovanni Villamar, managing director at Anomaly. "They cover this stuff, so I think there is a bit of a natural reaction to maybe just stay at home and do more online shopping." In some cases, undocumented residents are sending other people out to do their shopping, according to the Hispanic ad agency exec who spoke on the condition of anonymity. "Those people that are not legal, that are in fear of being exposed and going out shopping at retail, are sending family members that are legal," this person said.

The immigration debate is likely taking the biggest toll on sales along the border, said several experts. Isaac Mizrahi, co-president and chief operating officer of multicultural agency Alma and chair-elect of the Association of Hispanic Advertising Agencies, has not noticed a broad spending decline among Hispanics, but cautioned that the impact may be more severe where the population of undocumented Hispanics (by his count around 11 million) is higher.

Mexican residents could also be cutting back their cross-border shopping trips, hurting business at border-town malls. "There is a real Trump effect," Lopez Negrete said. "For a lot of people from Mexico, they are saying, 'You know what, we might not travel to the States for shopping.' I mean, they are pissed."

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