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.
With almost 40% of the U.S. population comprised of Hispanic, African-American, and Asian consumers, we were curious to learn how each group’s holiday shopping habits are similar and different to each other. We’ve done so in our in-depth research series: ThinkNow Retail™ Total Market Holiday Shopping Trends.
This month we will be focusing on the largest minority segment in the U.S. – Hispanics. Hispanics make up over 17% of the total U.S. population and they continue to be the most sought after demographic from a marketing perspective.
The 2016 Holiday Shopping season looks like it is a going to be a bright spot for U.S. retailers across the board with a significant lift among U.S. Hispanic consumers. With incomes on the rise for U.S. Hispanics according to the most recent U.S. Census report, Hispanics are taking some of those extra dollars and making significant Holiday purchases. One-third of Hispanic consumers will be spending more this year than last. And the real star of the Hispanic cohorts, as we found in our report, is the Bilingual / Bicultural cohort of which almost 40% will be spending more this year than last.
In order to help brands and companies better understand these super Holiday consumers and how they compare to the rest of the U.S., ThinkNow Research conducted an online survey of 502 U.S. Hispanic, 245 non-Hispanic white, 249 African-American, and 253 Asian consumers. The ThinkNow Retail™ Hispanic Holiday Shopping Trends study explored holiday shopping habits in depth and this report highlights the top 5 key insights we uncovered among the U.S. Hispanic cohort.