Hispanic Consumers Receptive to Marketing18 Jun, 2009 Response This Week
NEW YORK – According to data from Experian Simmon, and reported by Univision Communications, 34 percent of Hispanic consumers are optimistic about their finances for the upcoming year, versus only 25 percent of non-Hispanics, reports Mediapost.com. Also positive about the U.S. economy in general, 29 percent of Hispanic consumers say the economy will improve in the next 12 months, versus 21 percent of non-Hispanics.
“The volatility of the current recessionary economy has created a need for more current week-by-week data … (to) capture changes in the consumer behavior and purchasing patterns,” says Ceril Shagrin, executive vice president, corporate research, Univision Communications.
The results looked at the past 65 weeks and showed that the overall consumer mindset is increasingly negative. However, Hispanic purchasers were more optimistic in the period following the “meltdown,” versus how they felt prior to September 2008.
The average consumer confidence rating is 11-percent higher for Hispanics than non-Hispanics and has remained constant since 2005, while non-Hispanic confidence has dropped.
According to the report, Hispanics are also less affected by today’s economic climate because only 45 percent have and use a credit card (as opposed to 71 percent of non-Hispanics), they are more likely to pay in cash and are almost twice as likely to rent their homes rather than buy them (avoiding mortgage foreclosures).
For targeting Hispanics in advertising, marketers should know that Hispanics are more frequent shoppers than non-Hispanics; twice as many Hispanics will pay for branded prescription drugs than non-Hispanics; and Hispanics are 38 percent more likely to buy from marketers than non-Hispanics.