ThinkNow Says Hispanics Plan to Spend 33% More this Holiday Season
10% of the Hispanics surveyed are more likely to spend based on advertising—double the 5% of whites who find gift ideas based on marketing. ThinkNow Retail™ suggests that the adoption of mobile shopping among the total market, especially Hispanic consumers, has changed the dynamic of the consumer shopping experience, but not consumers' desire to shop. And we’ll see that theory play out this holiday shopping season, Mario X. Carrasco says.
Hispanic and African-American holiday shopping on the rise.
"After a year of waning sales, retailers can take solace in knowing that 3‑in-10 consumers say they will be spending MORE during the upcoming holiday season compared to last year. Hispanics and African-Americans are the most likely to spend more this year with 33% of Hispanics and 39% of African-Americans planning on increasing their spend."
Local retailers can reach out to Hispanics in time for Black Friday! The new AudienceSCAN study found 40% of Hispanics went shopping in stores on Black Friday 2016.
Consumers have more money to spend on gifts this year.
"With the unemployment rate hovering just a little over 4% since April, consumers have a bit more cash in their pockets to spend this year."
Online retail and brick and mortar team up to win big.
"We have seen one of the largest shifts to online shopping among Hispanic consumers. A lot of this traffic was more than likely generated from the launch of Amazon’s new Hispanic website."
"In 2016, 52% of all purchases made by Hispanic consumers were expected to be made at physical stores. In 2017 only 46% of all Hispanic Holiday purchases are planned for physical stores."
Promote online shopping experiences in time for Cyber Monday. The new AudienceSCAN survey showed 34% of Hispanics bought something online on Cyber Monday 2016.
"Sixty-two percent of Hispanics who will be making online purchases will use their smartphones. That’s significantly higher than the 50% Total Market average and 46% of non-Hispanic White online shoppers who intend to use their smart phones."
Family still tops the gift lists among Hispanic consumers.
"While the importance of family may be a Hispanic marketing concept practitioners are tired of hearing, that doesn’t make it any less real. Hispanic consumers are the most likely of the Total Market to have children and siblings on their holiday shopping list."
And those family gifts just might include video game systems. The new AudienceSCAN research reported 18% of Hispanics intend to buy video game systems in the next 12 months.
"Conversely, African-Americans and Asians are the most likely to dole out some of that oh-so-important self-love by shopping for themselves this holiday season. Don’t be afraid to use messaging that invites consumers to consider adding themselves to the holiday gift list, especially among key demographics."