8 February 2011
HispanicLink Report Compares Shopping Preferences and Motivational Drivers among Hispanic Households to Help CPG Marketers Focus Efforts Effectively and Efficiently
CHICAGO — Representing more than 15 percent of the population, Hispanic consumers’ current spending power of $950 billion is expected to increase to an astounding $1.2 trillion by 2012. With that kind of revenue at stake, it is no wonder that the CPG industry is constantly searching for new ways to reach Hispanic consumers through marketing, advertising, promotion and media. To help the industry take a closer look at this complex consumer group, SymphonyIRI Group, Inc. and Synovate created HispanicLink, a report that provides a truly representative view of Hispanic shoppers. The analysis offers a deep understanding of Hispanics’ shopping habits, cooking, eating and drinking behaviors, health and wellness practices as well as their media preferences.
“CPG retailers and manufacturers need to have a better understanding of Hispanic consumers to effectively focus their marketing efforts and win at the shelf,” says Robert (Bob) I. Tomei, president, Consumer & Shopper Marketing, SymphonyIRI. “This is no easy task when considering the complexity of the Hispanic population, so the HispanicLink report breaks down this multifaceted group in terms of acculturation, language preference and attitudes and examines their shopping patterns and motivations. Retailers and manufacturers no longer have to take a one-size-fits-all approach with Hispanic consumers and can leverage these insights to develop targeted marketing programs.”
“With HispanicLink, CPG companies can better understand how to allocate their marketing budgets when trying to reach Hispanic consumers,” said Mark Berry, executive vice president of Synovate’s North American Consumer and Retail Business Units and co-lead of the Global Shopper Insights Group. “The report takes an in-depth look into the Hispanic population to reveal spending habits, shopping trip behavior and the impact the economy has had on the price/value equation for this valuable target group.”
The HispanicLink report addresses many business issues, including how to pinpoint key purchase influencers, and can help allocate marketing spending across different avenues, such as in-store promotions, coupons and between television, radio and Internet advertising. It examines the importance of health and wellness as well as meal and flavor preferences, such as reading nutrition labels, cooking habits, eating fresh, frozen or canned foods, and dining out. Shopping outlet preferences are also highlighted as well as budgetary concerns, kids’ influences, willingness to try new products and affinity to store versus national brands.
The report also contains a survey and shopping basket analysis component. The survey portion answers important questions about Hispanic preferences and will help marketers discover the differences in attitudes and the critical “why behind the buy” among more and less acculturated Hispanic households versus non-Hispanic households. Findings include key facts about Hispanic attitudes, preferences and needs that fuel decisions and impact strategies regarding channel selection, product selection, new product opportunities, and co-promotion opportunities.
The shopping basket analysis delivers an in-depth view into how Hispanic households shop various classes of trade. It also ranks which categories are most likely to appear in the cart of the average Hispanic household and compares it to a non-Hispanic household.
In addition to uncovering how many dollars are spent of the average shopping trip, marketers can also get a firm handle on not only what categories are important, but which represent the greatest opportunities. This information can be leveraged for several different purposes, such as identifying categories that are attractive to Hispanic households, directing retailers on how to shelve categories, and determining how valuable that Hispanic shopper is to a particular retailer.