Almost half, 49 percent of the Hispanic population is waiting until Black Friday to begin holiday shopping, a little less than the projected 54 percent of the general population, according to a brand and loyalty survey conducted by Brand Keys. The survey looked at 1,417 Hispanic shoppers for its annual national holiday shopping survey.
Therefore, retailers need to be culturally savvy if they want to get their share of the $985 average spend per Hispanic consumer. That amounts to a 7 percent higher spend than 2013 and about 15 percent higher than the projected spend of an individual in the general population.
Ninety-eight percent of consumers, Hispanic and general population, said they would be purchasing holiday gifts, but only 38 percent indicated they were waiting until well into the shopping season in order to find the perfect gift.
Specific to the Hispanic population, 88 percent said they would holiday shop at department stores, which is 10 percent more than the general population. About 63 percent will shop at specialty and apparel stores, 23 percent more than the general population, and 90 percent would visit discount department stores, which is actually 6 percent less than the general population.
What will this group be spending money on? Eighty-three percent indicated they would purchase clothing and accessories, 5 percent more than the general population, 58 percent will purchase electronics, up 7 percent from the general population, and 25 percent would purchase jewelry, up 5 percent.
Robert Passikoff, founder and president of Brand Keys, noted that brands trump dollar value in this demographic and that retailers who integrate a sense of Hispanic culture into the store experience will likely find it to be a winning combination.
The Hispanic demographic is an increasingly important market segment for retailers. For example, in July, CVS (NYSE:CVS) announced the acquisition of Miami-based Navarro Discount Pharmacy, the largest Hispanic-owned drugstore chain in the United States. Navarro's annual sales are more than $340 million. Its stores cater to the Hispanic and ethnic marketplaces and offer non-traditional drugstores products such as wireless phones.
CVS furthers healthy focus with new Fit Choices
Walgreens launches 'Way to Well' tour
Rite Aid acquires retail operator, plans more 'Wellness' store upgrades
CVS tests talking prescription bottles
CVS digital deal program draws 10 times more redemption rates than print circulars