Hispanic Consumers Optimistic, Planning Major Purchases in 2013

2013 looks to be the year in which Hispanics, the fastest growing segment of the U.S. population, will flex their considerable spending muscle like never before.  And to no one’s surprise, the sectors that will benefit the most from the spending infusion are home electronics and personal technology. TV

When asked about their own personal financial situation and how it would fare in the coming year, 51.0% of all respondents said they anticipated it would improve (vs. 2012), with only 9.2% feeling that it would be worse.

That optimism was pretty evenly split across gender lines.  However, when it came to age groups, younger Hispanic (18–34) were the most optimistic (with 61% anticipating an improvement in the financial standing), while the oldest group (55+) were the most pessimistic (with 19.7% fearing that their situation would worsen).  This age-​related trend was consistent across the several categories discussed in the survey.

2013 PURCHASE INTENTIONS

When asked about specific big-​ticket purchases made in 2012 vs. what they plan to buy in 2013, the optimistic trend continued: 35.4% plan to purchase home electronics; 32.6% plan to buy a new car or truck; 32.6% plan to buy a smart phone with Internet; 32.4% plan to buy a computer or laptop; 32.4% plan to purchase a Tablet such as an iPad or Kindle Fire; 22% plan to buy a large kitchen appliance; and 20.6% plan to purchase a home or condominium.

However, there were also some interesting anomalies that popped-​up among the results:

  • When asked about their expectations for their personal finances for the coming year, part-​time workers were as or slightly more optimistic than full-​time workers (61.3% vs. 59.4%)… perhaps in anticipation of finding full-​time employment in 2013.
  • For those planning on purchasing a home or condominium in the coming year, the less-​acculturated will be doing most of the buying (24.7%), compared to the highly-​acculturated, which will be the smallest buying group (11.7%), a trend possibly reflective of pent-​up demand.

To learn more about Hispanic consumers, check out the Audience Interests & Intent report available on the Research Store at ad​-ology​.com.

[Source:  "Hispanic Omnibus survey."  ThinkNow Research.  22 Jan. 2013.  Web.  28 Feb. 2013.]