With the holiday shopping season approaching, a new Univision study found that despite COVID-19, Hispanic consumers see their financial situation stabilizing and want to do what they can to enjoy the holiday season.
Univision touts Hispanic consumers as a key growth engine for advertisers, so their willingness to buy gifts and other goods is important to them and the economy overall.
In the survey, 56% of Hispanics said they thought the worst of the pandemic was behind them, and 69% said their financial situation has either improved or stayed steady over the past few months. 40% of Hispanics said they expect their financial situation to improve for the holiday season.
The survey found that 83% of Hispanics agreed with the statement “I will do what I can to make this Holiday season as normal as possible,” and 70% said they were likely to buy gifts for friends and family in December.
Most Hispanics said they would definitely or probably stick to a budget for their holiday shopping, with 76% saying they’d be using cash or a debit card, 60% using credit cards and 5% taking advantage of layaway or installment plans.
They said they would prioritize buying items that are reasonably priced, that their family needs and that carry brands they like.
Key categories that they plan to spend on include video games, athletic clothing and swimwear, educational toys, clothing, other toys and footwear. Among higher-cost goods, they plan to spend more for power tools, outdoor equipment, TVs, laptops and other electronic equipment, sports equipment and large appliances.
The study found that Hispanics are more likely than non-Hispanics to make purchases that they put off earlier in the year. They are also more concerned about catching COVID-19 while in person shopping or at an indoor mall.
The study found that Hispanics have a greater intent to shop during Black Friday and Cyber Monday than non-Hispanics
The study was conducted online between Sept. 10 and Sept. 21 with 875 Hispanics and 653 non-Hispanics, all over the age of 18, participating.
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