Latino-American Consumers Look for Innovation and Affordability

Latino-American consumers have different things that they want to buy during the Black Friday sale. However, most are looking for these products.

According to Small Business Trends, the Latino community has the potential to become a major buying force in the next few years. In order to tap into these emerging markets, a study was conducted to see what Hispanics and Latinos like to buy when shopping on Black Friday. The results turned out to be surprising.

Latino-American consumers are looking for innovative products. They care about the innovations. About 2,500 consumers from five major Latin American countries were polled and 80 percent claim they are willing to try new products from startups or small enterprises. However, they do not believe that innovative products must carry a hefty price tag.

Businesses on the other hand must be careful how they present their brands. Latino American consumers have discerning taste and they know if the innovation if label change or cheaper version is marketed as innovations. Moreover, the report added that the group cares for the environment and would purchase those that are sustainably produced.

On the other hand, on-white ethnicities are found to spend more on Black Friday shopping than on Thanksgiving Day sale, per Campaign. The group included Hispanic, Asian and African-Americans and a survey revealed that they spend more than whites during this period. This could be attributed to planning. The report added that Caucasians made a list last year for their Black Friday shopping, effectively eliminating those that are not needed. The Hispanics and Latinos are actually shopping based on whims so they do not really plan ahead and buy stuff that are needed or wanted at the moment.

Latino American consumers are big fans of electronics such as tablets, smartphones and televisions. Most of them are also shopping online now more than ever. As a result, retailers want to be present in the digital space where Latino and Hispanics do their shopping.

For telecommunications company such as Sprint, they believe that the key is to balance efforts online and offline. "We ensure that our customers are up-to-date with our latest Black Friday/Cyber Monday deals through our various social media platforms during the holidays," company representative Kymber Umana said in an interview with Portada.

The Latino shoppers are simply too big, too many and too smart to ignore. They compromised about 18 percent of the population in the U.S. and at least $1.7 trillion total purchasing power, per Ris News. Another factor to cater to the group is localizing offers such as translating website content, product descriptions, applications and discount coupons.

Family is big for Latinos and Hispanics, so businesses must keep in mind to target these demographics and offer something that the whole family can enjoy. Retailers must also take note of the traditions for Latinos and Hispanics such as Nochebuena and Posadas.

In-store shopping experience can be made special if the sellers and store personnel can engage in Spanish language or the signs have Spanish translations. In the end, the Latino American consumers want to feel special and they know what is a good buy and not. This should serve as a warning and tip for sellers and retailers.