Hey! Over Here! We're Buying!
Good news for retailers! There is one consumer segment that apparently remains ready and willing to buy: Hispanic shoppers. "According to a new study conducted by Experian Simmons for Univision Communications, Hispanics are less affected by the recession, tend to be more positive about it, [and] shop more often," says Katy Bachman in a recent Mediaweek article. Here are some of the reasons Hispanics remain vital consumers, based on the study's results:
- More Hispanics (34 percent) than non-Hispanics (25 percent) expect to be better off financially in the next 12 months
- Only 45 percent of Hispanics have credit cards (versus 71 percent of non-Hispanics)
- Fewer Hispanic consumers have loans (34 percent, versus 53 percent for non-Hispanics), and they are less burdened with potential debt
In other words, these are savvy people who are able to shop! So, how might local retailers bring them in-store? Here are a couple of tactics to consider:
Target them with discounts. "Hispanics are more likely to look out for special offers. In general, they use cash and are more careful with money," says Experian's Tom Morrison.
Target them with TV ads. Hispanic viewers enjoy TV ads more than viewers in other US households, Morrison reports. "They see [ads] as a source of information, not a nuisance," he notes.
The Po!nt: Draw those spenders in. Consider targeting the smart Hispanic shoppers in your community with a TV ad that offers cool discounts.
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Comments
My customer base is 100% Hispanic, and it has not been our experience that their tolerance of ads (and it's pretty enthusiastic) translates to actual sales. The Hispanics the article references (cash not credit, Spanish-pref), in our world, have very little extra money to spend these days. So while there may be opportunity in a few areas, I think it's inaccurate to generalize that there's a whole category of people "able to shop."
Also, it's tricky business communicating your message in Spanish to Hispanics - translating your message in English is not enough. If you want to target this growing group, get help from marketers who really understand this diverse ethnic group.
This is really great news. Thanks a lot. And good for the Hispanic market that has grown since with their popular online seminar was offered, but its insights are timeless. I’m a wise shopper so I will probably check it. Getting short-term loan is worthy whenever to be going to shop for things you need most. Just like in the upcoming festival in Chicago with ten daylong food extravaganzas known as Taste of Chicago 2009. It’s expensive to go for food shopping, so we better choose foods that are cheap yet healthy. Try to be wiser in spending your money, live your life comfortably but simple.
See more at: http://personalmoneystore.com/moneyblog/2009/06/22/taste-chicago-2009-bring...