BOCA RATON, FLA: Four in ten Hispanic consumers plan to spend less this holiday season than last year and most will be shopping in-store rather than online, according to a new report.
The Florida Atlantic University Business and Economic Polling Initiative survey polled 500 Hispanic consumers and found that 29% said they would spend more money this year, while 31% intended to spend the same amount; 40%, however, were spending less.
That last figure rose sharply as income fell, with 55% of those earning less than $25,000 reported they would spend less this holiday season. Just 13% of Hispanics with income over $75,000 were going to spend less.
"This means Hispanics with more discretionary income will be the driving consumer force this holiday shopping season," said Monica Escaleras, director of the FAU BEPI.
The sums involved are relatively modest, with most (71%) intending to spend less than $500. A minority of 8% will spend more than $1,000.
And, perhaps reflecting that, cash is likely to be the top method of payment. Some 59% will pay this way, while the remainder will utilise credit or some other form of financing.
The survey also revealed that Hispanic consumers prefer physical stores to online shopping by a two to one majority (67% v 33%), although 30% did indicate they would do most or all their shopping online. One third had no intention of straying online at all.
Again, income was a determining factor, along with age, as Escaleras noted "49% of respondents earning over $75,000 say they plan to do the majority of shopping online, while 45% of respondents over 55 said they will do no online shopping".
A separate survey of 1,000 Americans from Bond Brand Loyalty found holiday gift budgets were up on 2013, at $770. It said that two thirds of consumers planned to shop at their favourite retailers, and that 42% would use loyalty points to fund their shopping.
Data sourced from PR Newswire; additional content by Warc staff