The New Hollywood Defined – It’s Affluent, Educated and Drives Less
New Study Provides Insights into the Demographics of This Evolving Community
The Hollywood Chamber of Commerce recently completed a survey of approximately 1,700 residents, workers and visitors to provide businesses with a baseline of data that helps define the new Hollywood. Among the findings that should be of interest to businesses considering to locate in Hollywood or retailers eyeing a new location, the survey found that Hollywood residents earn on average $104,000 and the majority have a college degree.
The report further paints a picture of Hollywood as place where residents have a strong sense of community and take advantage of the opportunity to walk to dining and entertainment and use public transit and alternates in higher numbers than the rest of the city. It also shows an area with a population that wants more options to shop locally, which should attract the attention of retailers and other businesses.
“The Chamber’s job is to help businesses see what’s coming down the road. It’s important that everyone understand the needs of the community and the makeup of the neighborhoods,” said Leron Gubler, president and CEO of the Hollywood Chamber of Commerce. “We conducted the survey to provide real data that businesses and the community can use to make decisions. We’ve all seen the signs of change in Hollywood and now we have more than anecdotal evidence of a Hollywood redefined.”
According to the survey, the area’s population has an average income of $104,000, as compared to an average of $83,000 outside a 10-mile radius. When viewed by age, the largest number of residents are between 35 – 49 followed by those 25 – 34. They are also well educated with 77% having obtained a college degree and of that number, 32% hold a graduate degree.
“Within the greater Hollywood area there tends to be an older more established group in the largely residential Hollywood Hills, while a younger population has gravitated to the more urban pockets,” observed Gubler.
When it comes to shopping 93% said they like the convenience of shopping close to home and 77% said they would shop more often if there were more options near where I live. Today, many residents are taking their shopping dollars elsewhere as 75% said that they shop at retailers that are not available in Hollywood.
“Hollywood offers what other communities and mall operators are trying to create – a mix of attractive entertainment and dining options that provide diverse experiences that draw today’s consumer. These attributes should entice retailers who want to locate near dining and entertainment that can drive traffic to their stores,” noted Dwayne Gathers, president and CEO of Gathers Strategies, who chaired the Chamber committee that led the market research initiative.
According to the survey, the top retailers that residents would like to have in Hollywood are Target, Whole Foods and Apple.
Dining and entertainment
Hollywood is known for its variety of entertainment destinations and dining options which attract residents and visitors. Among the top options for residents -- 43% go to the area’s movie theatres, 32% attend music concerts and 32% to plays or stage shows. Food also has significant appeal with 83% of residents patronizing casual and sit-down restaurants, 44% frequenting fine dining establishments and 35% bars and nightclubs. Coffee and specialty beverage shops draw 66% of residents.
Hollywood residents are inclined to get out of their cars, as the data shows that 27% of residents walk to work versus 17% of those respondents within 10 miles of Hollywood; 20% take the subway compared to 14% within 10 miles; and 21% use alternate transportation options such as Uber or Lyft versus 18% within 10 miles.
“Hollywood benefits as a hub of public transportation and as an urban environment that engages pedestrians,” noted Gathers. “Further, 47% of residents use their home as either a primary or secondary workplace. This is noteworthy as it shows a high number of residents are not regularly commuting.”
Hollywood today is a mature, urban community where every day more people call it home as 36% of respondents have lived in Hollywood three years or less.
“While Hollywood maintains its position as a tourism draw, residents are also attracted to its rich history and iconic landmarks, elements that imbue it with a distinct character and flavor, a complex blend of old and new that when combined with its central location in Los Angeles enhances its appeal as a place to live and work,” concluded Gubler.