That’s where new research from UCI and NPD –National Panel Study-comes in. NPD is the industry’s gold standard in retail measurement and tracking; their shopping tracker captures consumer activity across all retail channels. Until now, this has only included English-dominant Hispanics. Recognizing that clients need insights based on a truly representative Hispanic panel, we developed a proprietary study with NPD that includes the full spectrum of language usage; adding Spanish-dominant and Bilingual respondents to their sample.
To take a deeper dive into what the new work reveals, I partnered with NPD’s chief industry analyst, Marshal Cohen, to discuss the findings on our latest webinar, “Rocking Holiday Shopping with U.S. Hispanics - New Research from NPD and UCI”. Here’s what we discovered:
Holidays – more people, more gifts, more shopping
We know that the holiday season can make or break a retailer’s year. And with Hispanics, the opportunity not only lies in larger families and bigger households, they also have more occasions to celebrate. In fact, they have 3 additional celebrations that represent potential additional trips to stores (Las Posadas, Noche Buena and 3 Kings Day). This is reflected in their spending; when you compare their numbers for holiday vs. the rest of the year, spending among Spanish-dominant Hispanics grew 13%, twice that of non-Hispanics. This is one more example of how Spanish-dominant Hispanics represent a higher spend opportunity.
Hispanic hands-on shopping experience can yield a higher spend
One of the nuances of the Hispanic retail opportunity is the difference in shopping behavior. For Hispanics, shopping is a form of entertainment; they go frequently and do it in groups. We see this when we look at their share of in-store conversion (when a shopper makes a purchase). While Hispanics don’t convert as often as non-Hispanics (56% vs. 71%) because of their tendency to browse various retailers, when they do purchase, it’s más. When we look across language strata, bilinguals and Spanish-dominant Hispanics spend more per buying visit ($56 vs. $50 respectively) than non-Hispanics ($53).
A connected consumer leads to a connected shopper
The U.S. Hispanic is super connected and super digital. This holds true in their shopping behaviors, too. 17% ($56 billion) of all online U.S. sales are from Hispanics, over-indexing the share they represent of in-store sales (14%). When we look at how much they spend per buying visit, Spanish-dominant Hispanics spend $10 more than Non-Hispanics ($72 vs. $62.) Categories like beauty, consumer electronics and footwear are those they’re more likely seek out online vs. in-store.
To learn more on our proprietary study, check out our webinar on demand and follow @hispanic411 for more insights.
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