Nielsen recently released its 2014 Holiday Sales Forecast, which indicates multicultural consumers will be drivers of increased spending for this season. Overall, 10% of consumers say they plan to spend more this year than last year, and multicultural households account for 43% of this year’s projected extra spending, with Hispanics accounting for 13%.
Trends such as rising consumer confidence, lowered inflation, and falling gas prices indicate that consumers are eager to spend more this holiday season. Although 22% of American consumers surveyed have already begun their holiday shopping, 67% of Hispanic households plan on waiting to make their purchases, compared to 65% of total households who also plan to delay their holiday shopping trips.
Hispanics—at 54 million strong and approximately one-sixth of the U.S population—have a continually-growing impact on American culture and population. Hispanic consumers collectively have a $1.4 trillion buying power. Households led by U.S.-born Hispanics tend to earn more. Across households, 52% of U.S.-born homes earn at least $50,000 each year, compared with 33% of homes led by foreign-born Hispanics.
Key Hispanic-specific Insights include:
- 24% of Hispanics are expected to do more online holiday shopping, compared to 19% of total households.
- 15% of Hispanics are expected to spend more on gift cards, compared to 12% of total households.
- 13% of Hispanics are expected to spend more at traditional mass retailers compared to 10% of total households.
- 13% of Hispanics are expected to spend more on toys compared to 10% of total households.
The 2014 Holiday Sales Forecast insights were derived from two custom studies: a consumer survey of more than 25,000 U.S. households collected this September and sales forecasts from an analysis of 92 categories covering five departments including food, beverage, alcohol, health & beauty aids and home care products representing more than $100 billion in sales.
This post originally appeared on www.nielsen.com on October 29.
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