Making Spirits Bright – Trends In Hispanic Holiday Shopping
It’s the season for giving and thanks to their unique generational positioning in the Total Market Hispanic consumers are projected to spend on and give the most gifts this holiday season. With $330 billion having been spent in previous years in making spirits bright – trends in Hispanic holiday shopping have never been more important in identifying and understanding.
Hispanic Consumers Are Making Many Lists…
First off, who’s on the gift list for Hispanic shoppers during the holidays? Due to the young demographic of Hispanic consumers and the Hispanic market in general it skews towards being a very lengthy list for your average Hispanic consumer. Studies show the average US Hispanic consumer is also a Millennial with a median age of 28 and due to being part of this demographic are likely to have an average income of $50,000 or more. Furthermore they are more likely to have a wider circle of multicultural friends and co-workers outside of their immediate family members. It’s quite easy to imagine that the receipt of your average Hispanic consumer after purchasing their gifts can easily rival the length of their gift list.
And Checking Twice: Hispanics Spend More During The Holidays
How much are Hispanic shoppers spending during the holidays? Given Millennials are more budget-conscious one can imagine with such a long list the gifts wouldn’t be too extravagant but for the average Hispanic shopper this is not the case. In fact the average Hispanic shopper tends to spend $10 more than other shoppers so this has a direct impact on Hispanic holiday spending. Even primarily Spanish-speaking unacculturated US Hispanics who may not have a diverse gift list than Hispanic Millennials typically spend 13% more than other consumers during the holidays than any other time of the year.
Hispanics Are Giving Gifts From The Heart To Everyone Nice
Trends in Hispanic holiday shopping also point to your average Hispanic holiday shopper giving more personal and thoughtful gifts that reflect not only their culture but their relationship with the person. Even if they’re giving out gift cards, Hispanic consumers are giving a gift with much thought having been put in before hand. Physical gifts skew more towards cultural tokens of appreciation from bottles of mezcal and tequila to cosmetics and beauty products. These trends aren’t outside the norm either. As the US has become more diverse and multicultural the Total Market has changed to reflect this and this has become a much more apparent consumer trend during US holidays where now it is quite common to share favorite multicultural dishes and recipes during Thanksgiving or “Friendsgiving” or even toast to the 4th of July, Christmas, or New Years Eve by sharing tequila with friends.
The season of giving doesn’t just apply to gifts. Millennials during the holidays are also prone to volunteering time or donating to charities and causes during the holiday season and Hispanic Millennials are no exception to the rule. Reports show that 35% or over 1/3 of Hispanic Millennials and Generation Z Hispanics volunteer for local causes and charities during the holidays and even more often than other consumer groups during the rest of the year.
As you can see US Hispanic consumers are not only making an impact on trends in holiday shopping and spending but are also now influencing the very nature of holiday traditions by redefining what the traditional holiday gift should be. The season only continues to grow brighter for both the Multicultural and Total Market as Hispanic consumers continue to influence both markets day by day, making a connection with these consumers has never been more crucial. We at VRTC, Inc. can help you find the best start to the new year by helping you spark product conversations with these consumers and make a personal connection that can last for years.
It’s not just Hispanic consumers who are making spirits bright, you can too. This year we partnered with BEAResource Houston to make many childrens’ holiday wishes come true. To learn how you can donate and help make a holiday wish come true simply visit: BEAResource.
From our family to yours, VRTC, Inc. wishes all of our clients, family and friends a happy holiday season and a prosperous new year. Is there anything you would like to add to the conversation? If so, leave a comment and share your experience. If you enjoyed the article, share it! For further insights, discussion, or inquiries for help in sparking your own product conversations fill out our contact form or simply #AskVRTC.