Discuss Family Advantages with Hispanic Women

U.S. consumers from Hispanic cultures pay special attention to the effects of their purchases on their families’ well-being. One form this takes now is diligent hunting by Hispanic women shoppers for the best possible prices. According to WSL/Strategic Retail, other shopping segments might be following, but the Hispanic women are leading notably:

• About 75% use paper coupons to get the lowest price. Among non-Hispanics, the figure was 68%. 
• About 54% buy discretionary items only if the items are on sale. The figure was 45% for non-Hispanics. 
• Almost two out of three Hispanic women survey respondents said they’re putting the time into traveling further to shop if this saves them money overall. 

     Even if you don’t consider Hispanic women as the cutting edge of a trend to cut shopping expenditures, acknowledge that these shoppers are, in themselves, an important market. According to 2010 U.S. Census Bureau data, the Hispanic population has grown about 40% over the past decade, while the non-Hispanic population has grown only about 5%.
     To help preserve a pricing structure that yields good profitability for you, emphasize with Hispanic shoppers the advantages of your offerings to their families. This might require you to tweak your product line. For example, 43% say they’ll buy a pre-owned product if it lets them get a brand that they couldn’t afford new.
     The adjustments in your store should be a change in accent rather than dramatic alterations in what’s been working for you up to now. Here’s why:

• The distribution of Hispanics in America is not uniform. About half the number of Hispanic consumers live in California and Texas. And within any city, Hispanic-Americans are more likely than Asian-Americans, for example, to live in primarily Hispanic-American communities. While American retailers overall will see their target markets include mushrooming numbers of Hispanic-Americans, this might not be the case for your store. 
• Overall, there are still about four times as many white non-Hispanics as Hispanics in America. You succeed as a retailer by appealing to consumers’ values. There are some differences between those who identify with Hispanic culture and those who do not. You’ll not want to ignore the majority values system. You’ll want to gracefully accommodate both. 
• Although the WSL/Strategic Retail report was widely released only weeks ago and the survey methodology looks to me to be sound, the data were gathered last December. It’s possible the report’s conclusions are out-of-date. 

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Accent Values of Your Hispanic Target Markets