According to the Brand Keys Holiday Shopping survey, this year, only 25% of consumers indicated they were going to wait until Black Friday to begin holiday shopping. Evidence that mainstream consumers are conditioned to spread their holiday spending out—starting well before Black Friday.
Who will be out in force this Black Friday? Hispanic shoppers.
According to the same study, nearly half of Hispanic consumers (49%) claimed they were going to wait until Black Friday to start holiday shopping. They’ve also indicated they’re going to shop with voracity in 2014—hitting brick-and-mortar stores at higher rates and spending a projected 15% more than the general population.
Why the differences?Some of our hypotheses on the reported gaps between mainstream and Hispanic holiday shoppers:
- Jingle Brands: Hispanic Shoppers believe in the quality of name brands. These shoppers are after premium products at prices within reach and have come to expect to see those deals in brick-and-mortar stores at specific times.
- (Money Makes it) Merry and Bright: Black Friday is, historically, close to pay day. For a consumer group that is typically more budget-constrained than the general market, it might not be financially practical or feasible to start shopping earlier.
- A Longer Nice List and a Longer Holiday Season: Hispanic holiday spending likely isn’t more extravagant than the general population. It is likely that these shoppers simply have more people to buy for due to larger family sizes. Many Hispanic households also celebrate Three Kings Day, a gift-giving occasion that extends the end of the Christmas season.
- The More the Merrier: Black Friday shopping might be a holiday family event or even a tradition they do together. They’ve got the day off, relatives to help with the kids, and a mission to find the perfect gifts for loved ones.
- The Cultural Snow Globe: The more acculturated a Hispanic market is, the more it reflects mainstream trends. The Brand Keys Holiday Survey findings could be due in part to the percentage of unacculturated Hispanic respondents who participated. Perhaps it is necessary to look at multiple segments within the Hispanic Consumer group to get a clearer picture.
- Not on Santa’s Radar: Finally, the differences we’re seeing could be indicative of a group of people who have not been exposed to retail promotions in the same way as the mainstream population. Perhaps mass retailers have been so focused on reaching the general market that they have not effectively reached the full Hispanic market yet.
Contributor: Pablo Muniz, Group Director, The Integer Group