Ceril Shagrin, executive vice president, Corporate Research, Univision Communications, observes that "The volatility of the current recessionary economy has created a need for more current week-by-week data... (to) capture changes in consumer behavior and purchasing patterns... " allowing marketers to take an in-depth look at real-time information... for a better understanding of the impact on consumers.
The results from the past 65 weeks, says the report, indicate that while the overall consumer mindset is increasingly negative, Hispanics are more optimistic in the period following the "meltdown," versus prior to September 29th, 2008:
Study results show contributing factors to why Hispanics are less affected by today's economic climate:
The findings highlight Hispanics as a key target consumer for advertisers, says the report:
And Mediaweek writes that not only do Hispanics have a more positive attitude (about the economy) than non-Hispanics, but they go shopping more frequently compared to non-Hispanics and Hispanics are more willing to pay for branded prescriptions than non-Hispanics.
Continuing, Mediaweek says that advertising carries a lot of weight with Hispanics, who enjoy TV spots and remember touted products when shopping. Hispanics are 38 percent more likely to buy from an advertiser than non-
Hispanics, seeing it as a source of information, not a nuisance. Univision notes that one casual dining space advertiser saw a sales lift of 23% by targeting Hispanics.
For more information about this study, please review the complete Univision release here.
This article reminds me so much of my father. Never used a credit card unless he absolutely HAD to. Paid cash for everything and sat on the couch with the ads in the Sunday paper every weekend until he found the best deal on whatever tool he needed to buy next.
I hope marketers are paying attention to these numbers and adjusting their ads to target these consumers who actually want to listen. Coming from a Hispanic advertising background I've seen that sometimes advertisers don't find it "worth it" to create ads specifically for this market, which I see as missing a great opportunity.
Excellent news, thanks for this! It just so happens, Saaze http://saaze.com has already been working on adding more locations with a high Hispanic demographic. I tweeted and facebooked this article, thanks!
-m-