Hispanics Spend More Time and Money In Store, Desire Product Education
The perfect athletic outfit is a hot commodity for Hispanic consumers who are willing to pay a premium for fortified, slimming athletic gear, which they'll find when shopping stores longer, spending more money and seeking product education than non-Hispanic shoppers.
Cotton Inc. published a study that centered on Hispanic buying and how to secure the Hispanic consumer. The report shared key insights including the importance of promoting fashion-forward trends to captivate the attention and dollars of the budding demographic and unique customer segment. Additionally, the report suggested catering to the social aspects of shopping and offering additional product education, as well as delivering sports-focused customized outfits designed with performance features (odor resistant, temperature regulation, body shaper and sweat restriction) in cotton fabrics for dance, Zumba, high-intensity workouts, running or walking, to increase loyalty and build sales. After all, Hispanics are 50 percent more likely to buy new apparel when taking up a new athletic activity, and they're willing to pay $87 for the perfect athletic outfit.
The Cotton Incorporated Supply Chain Insights report noted that Hispanics presently outspend other groups, spending an additional $370 annually on appeal and services, when compared to non-Hispanic demographics. By 2060, the Hispanic population is projected to represent 31 percent of the U.S. population, and with that, they will have tremendous buying power and a controlling hand over brand and retail success. For those brands and retailers who've failed to consider Hispanics, they need to come to a firm understanding that Hispanics spend more than $30 million annually on services and appeal.
"Winning the loyalty of Hispanic consumers could secure a confident future for brands and retailers willing to tailor their services to meet the demands of this growing demographic," the study said.
An inclination toward being fashion-forward has distinguished Hispanic consumers from others, according to the study. Hispanics adopt trends sooner than non-Hispanics (43 percent vs. 34 percent) and they buy new clothing at the beginning of a season (27 percent vs. 19 percent), proving that Hispanics are willing to pay top dollar for fresh and newly released apparel. Trendy ensemble assemblage costs money and time. Compared to non-Hispanics, Hispanics spend an additional 22 minutes shopping per in-store shopping trip, which is an opportunity for marketers and brands to captivate audiences and capitalize on Hispanics presence. Eager buyers are critical for brands and retailers, who are enthusiastic about moving merchandise off of their shelves to make room for new items of clothing.
Both Hispanic and non-Hispanic shoppers are likely to gain wardrobe inspiration from styles they already like and attire they already own, but Hispanics are more likely to take tips from television shows, fashion magazines, commercials and celebrities. Shopping centers and malls provide targeted marketing through celebrity endorsements, partnerships with publications that have substantial Hispanic readerships, and collaborations with Hispanic-centric television shows to effectively stimulate appeal purchases among the fashionable population. Additionally, shopping centers that foster authentic conversations between staff and customers and spaces equipped with comfortable seating, snacks and drinks encourage prolonged shopping times, which often translates to more sales and an increasingly loyal fan base.
Hispanic consumers are more likely to view shopping as a fun, social activity (67 percent vs. 54 percent), which may contribute to Hispanics' decision to spend more time in-store (63 percent vs. 51 percent). While Hispanics are happily shopping, marketers would do well to offer the group product education in order to encourage loyalty. Hispanics are 40 percent more loyal to brands that provide product education, even basic information about fibers. Also, Hispanics favor cotton (72 percent), and they're likely to spend more on certain cotton items.
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