ThinkNow Affinity™ Brand Loyalty Study suggests a shift in consumer behavior If there is one “truth” that has persisted in multicultural marketing throughout the decades, it is the assumption that less acculturated Hispanics are more brand loyal than their bicultural and more acculturated Hispanic counterparts. But this persistent trope has trickled outside of the confines of Hispanic marketing. Less acculturated Hispanics are now considered the most brand-loyal consumer segment out of non-Hispanic whites, Asians, and African-Americans.
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Gen Z Shoppers Discover Brands Online But Purchase In-Store While Millennials still get the lion’s share of attention, Gen Z, the demographic cohort nipping at the heels of their older siblings, are beginning to take center stage. Known as the Plurals, Founders, or the iGeneration, Gen Z consumers may be setting their own rules, somewhat, but because of their age, still look to their parents and friends to make purchase decisions.
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Hispanic Consumer Sentiment Is Positive Across Multiple Economic Metrics Despite Whirlwind Election Year By many measures, 2016 was an eventful year, to say the least, for Americans. From one of the most inspiring Olympics on record to a contentious presidential election season, many are exhausted and looking forward to a fresh start in 2017. Using this year of extremes as a backdrop, ThinkNow Research conducted its fourth annual Consumer Sentiment Study across a representative sample of Hispanics, African-Americans, Asians, and non-Hispanic whites.
40% of Asian-American consumers will be spending more during the holidays this year than last, preferring to buy gifts online. The National Retail Federation expects sales in November and December (excluding autos, gas and restaurants) to jump 3.6 percent from last year to $655 billion. The NRF’s Holiday Forecast 2016 has non-store sales — 90 percent of which is e-commerce — growing by seven to 10 percent to as much as $117 billion.
Holiday Shopping season looks to be a bright spot for U.S. retailers, significant lift among Hispanic consumers expected. All signs point to a strong holiday season so far despite the typical pullback in consumer spending in September and October due to a presidential election. Deloitte expects up to a 4% increase in holiday spending from last year pushing total holiday sales to more than $1 trillion in 2016. The consulting firm also anticipates a 17% to 19% increase in e-commerce sales to more than $96 billion compared with last year.
Pepper Miller weighs in on the findings of the Hispanic Millennial Project, African-American focus African-American Millennials cemented their position as trendsetters in the media and technology space in 2016. But this cohort has been setting the tone for the conversations feeding social media and the web at large with an influence that vastly outweighs its user base for some time now. But it’s not just social media.
What Are Consumers Lovin’ About Fast Food? Maybe Not What You Think. The fast food industry is projected only to grow about 2% annually over the next five years according to IBIS World. As a result, many top fast food chains have tried to meet the challenge of presenting menu items for price-sensitive customers who want healthy options. However, is that what they really want? ThinkNow Research conducted a nationwide survey researching 600N Hispanics, 250N African-Americans, 250N Asian, and 250N non-Hispanic whites on the topic of fast food. We found that “great tasting food” is the most important factor in choosing which quick service restaurant to go to.
Are Multicultural Consumers Buying Into The Sharing Economy? Back in March, we started a conversation about the sharing economy. Industry disruptors like Uber and Airbnb have used technology and a non-traditional business model to redefine how consumers purchase goods and services. The heartbeat of the sharing economy is the consumers themselves, now empowered by a model that allows them to rent services from one another. And while the regulatory uncertainties persist for brands like Uber and Airbnb, “collaborative consumption,” is still booming and shows no sign of slowing down.
The Future of Virtual Multicultural Reality Virtual Reality has been feeling like it is on the cusp of being main stream for several years now. The purchase of Oculus Rift by Facebook for 2 billion dollars jutted virtual reality into the public consciousness. Flash forward two years and the launch of the Samsung Galaxy S7 brought free virtual reality headsets to those that pre-ordered the phone and now the HTC Vive has launched, making virtual reality a purchase within reach.
First quarter 2016 revealed the vulnerability of the casual dining industry. The bar-and-grill segment, typically a strong player, struggled, as the 4.1-percent decline in same-store sales at Chili’s last quarter showed us. And unfortunately, the second quarter of the year, at this point, isn’t looking much better.