A recent study by Valassis found that multicultural consumers are more likely to spend over two hours each week looking for coupons and deals than your average consumer. Additionally, over 50 percent of the multicultural consumers surveyed said they use print coupons, with the new report showing how they embrace technology to help them save.
Findings from the 2016 RedPlum® Purse String Survey of nearly 9,000 value-seeking consumers, with over 2,000 identifying as African-American, Asian/Pacific Islander or Hispanic, arm marketers with savings behavior data to attract and activate powerful multicultural shoppers. Collectively, African-American, Asian and Hispanic consumers will wield a buying power of $4.2 trillion by 2020, according to the Multicultural Economy Report from the Selig Center for Economic Growth.
Hispanic consumers surveyed are the leaders of searching for savings, peaking at 69 percent, spending over two hours each week looking for deals versus 55 percent of all survey respondents. According to the survey, African-American consumers are using the most coupons per shopping trip – 53 percent said they use more than six coupons compared to 48 percent of all consumers surveyed.
When it comes to their digital savings habits, of the multicultural consumers surveyed:
- At least 83 percent look for offers while in store via their mobile device compared to 72 percent of all respondents.
- At least 70 percent visited a store, restaurant or other business after receiving an offer on their mobile device near the business location vs. 55 percent of all respondents.
- 62 percent of Asian/Pacific Islander consumers surveyed redeemed a coupon code on their mobile device in the last 30 days vs. 46 percent of all respondents.
- 66 percent of Hispanic respondents and 63 percent of Asian/Pacific Islander respondents used a savings app on their mobile device in the past 30 days vs. 49 percent of all respondents.
Findings gleaned from multicultural survey respondents also indicate:
- Cosmetics and beauty products rank behind only grocery for most sought-after coupons among Hispanic consumers (75 percent) and Asian/Pacific Islander consumers (70 percent) compared to 60 percent of all respondents.
- 64 percent of African-Americans are interested in finding coupons and deals on clothing, highest among the three ethnic groups and 10 percentage points higher than all survey respondents.
”Marketers must create consumer-centric strategies and gain a deeper understanding of the many factors, including media consumption habits, life stage and purchase behavior that motivate these powerful consumer segments,” said Curtis Tingle, Valassis chief marketing officer. “While there is an abundance of data available, the key is which strategies and tactics marketers employ to make that data actionable.”