This holiday season Hispanic shoppers will make the difference between a Feliz (happy) and Feria (fair) Navidad for retailers, according to 2,417 Hispanic consumers who participated in the Brand Keys 20th annual Holiday Shopping Survey.
The projected individual spend among Hispanic households is estimated to be $ 985.00, about 7% higher than last year, and nearly 15% higher than the projected 2014 spend for the general population. But retailers will need to work culturally smarter if they want to get their share.
In this year’s Brand Keys Holiday Shopping survey, 54% of the general population indicated they were going to start Holiday shopping in November, a trend we’ve commented upon for a number of years now. But this is not the case for Hispanic shoppers. Nearly half of Hispanic consumers surveyed (49%) indicated they were going to wait until Black Friday November 28. Many Hispanics (38%) indicated they were going to wait well into the traditional holiday shopping season to buy gifts, which has less to do with discounts and more the time taken to search for the perfect gift. The rest started shopping last month.
Virtually all consumers interviewed indicated they’ll buy holiday gifts online this year (98%), and this is equally true for Hispanic shoppers. And, even in light of the mobile sales movement, brick-and-mortar retailers rank high on Hispanic consumers’ list of places to shop, with some meaningful differences from the general population:
Store Type 2014 % change from General Population
Traditional Department Stores 88% +10
Specialty & Apparel Stores 63% +23
Discount Department Stores 90% – 6
Catalogues 15% -10
Gift cards have become as universal as greetings cards, and Hispanic shoppers indicated they’d buy at least one this year, at slightly higher levels (98%, +3) than the general population. Hispanic consumers indicated that the following categories are where money will be spent. The differences from the general population is worth noting by retailers:
Gift Categories 2014 % change from General Population
Clothing and Accessories 83% +5
Electronics/Phones/Computer 58% +7
Jewelry 25% +5
Food and Wine 21% +1
Toys 15% +7
Home Décor 10% +3
Personal Care Products/Spa 10% -23
Hispanic consumer expectations are up again this year regarding outreach and convenience, but particularly as regards the brick-and-mortar retail shopping experience. Brand trumps dollar-value perceptions among this cohort, and retailers who can integrate some sense of Hispanic culture and store experience with all forms of outreach will likely find it to be a winning combination for this shopper segment. Y una muy feliz navidad este año!