Nielsen 2014 Holiday Forecast Shows Multicultural Consumers Drivers of Increased Spending This Season
Hispanic consumers likely to spend more online, at mass retailers and toy stores
Nielsen, a leading global provider of information and insights, 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 in the economy, lowered inflation and falling gas prices indicate that consumers overall are eager to spend more this holiday season than last year.
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—make-up a group with a 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.