The Stevenson Company’s TraQline Hispanic survey recently exposed significant differences between the shopping and spending behaviors of Hispanics versus non-Hispanics, highlighting big-names in both manufacturing and retail within the Home Improvement industry.
Louisville, KY
Presenting at the Home Improvement Research Institute conference, The Stevenson Company’s David Garcia brought to light even more reasons why manufacturers and retailers alike should take notice of emerging Hispanic purchasing behavior trends. Garcia reported that the Hispanic population is steadily increasing, currently making up 17% of the US population, which does not include the ≈11 million unauthorized immigrants as reported in the 2011 US Census. In 2012, over one million Hispanic households were formed and Hispanics accounted for 50% of the job growth. In essence, Hispanic buying power is on the rise.
Here are some of the findings of note from the TraQline Hispanic Survey:
- Hispanics accounted for 9% of the total dollars spent on Home Improvement products (including major appliances) in 2012
- Hispanics age 35-44 account for 25% of the total Hispanic spend for HI products… but 55-64 age Hispanics spend the most per household
- Although Hispanics shop and buy online less than non-Hispanics, the percentage of Hispanics online has accelerated over the past few years to ≈80%
- Hispanics shop more stores before buying than non-Hispanics
- Hispanics over index versus non-Hispanics with major brands
- Spanish Dominant households generally prefer Sears and Home Depot for Home Improvement Products
- When asked why a major appliance was purchased at a specific store, advertising and credit were more important to Hispanics than non-Hispanics
The Stevenson Company’s TraQline Hispanic survey is a quarterly internet survey of Hispanic consumers that measures their purchases of consumer durables. Products tracked are not isolated to the Home Improvement category, and also include Appliances, Electronics, Computers, Home Office Equipment, Tools, Lawn and Garden, and Outdoor Power Equipment.
The survey captures information from both acculturated and unacculturated Hispanics on Who, What, Where, and How they purchase and how it differs from the purchasing behavior of non-Hispanics. For example, Hispanics age 35-44 account for 25% of the total Hispanic spend for HI products, but 55-64 age Hispanics spend the most per household. Furthermore, those who speak more Spanish at home are likely to shop different brands and retailers than their English dominant and non-Hispanic counterparts. TraQline Hispanic data provides necessary information to help diagnose, plan, track, and measure both individual business elements and the total company. Utilizing this kind of valuable information can give manufacturers and retailers a competitive advantage on advertising and marketing to this growing demographic.
About The Stevenson Company
Louisville, KY based The Stevenson Company delivers improved market intelligence for North American retailers and manufacturers. Delivering greater insights into market data such as Home Improvement trends, while also providing exceptional customer service, is the foundation of The Stevenson Company. Its TraQline solutions provide consumer market research and insights that can be customized based on the individual needs of retailers and manufacturers. For more information on TraQline Hispanic, visit www.stevensoncompany.com/hispanic.
For more information on TSC and TraQline, contact Eric Voyer: 502-271-5267 or ericv@stevensoncompany.com.