Published Thursday, Nov 3, 2016
LIVONIA, Mich., Nov. 3, 2016: A recent study by Valassis, a leader in intelligent media delivery, 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:
Findings gleaned from multicultural survey respondents also indicate:
”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.”
About the 2016 RedPlum Purse String Survey
For the eighth year RedPlum has conducted a savings survey to gain insight from today's shopper; learn more about their shopping behaviors; where consumers are looking for deals; what they are doing with their savings; and what influencers are driving their behaviors. The 2016 RedPlum Purse String Survey is based on insights from nearly 9,000 respondents. The survey was conducted on redplum.com from May 16 to June 16, 2016.
Valassis is a leader in intelligent media delivery, providing over 58,000 clients with innovative media solutions to influence consumers wherever they plan, shop, buy and share. By integrating online and offline data combined with powerful insights, Valassis precisely targets its clients’ most valuable shoppers, offering unparalleled reach and scale. NCH Marketing Services, Inc. and Clipper Magazine are Valassis subsidiaries, and RedPlum® is its consumer brand. Its signature Have You Seen Me?® program delivers hope to missing children and their families. Valassis is a wholly owned subsidiary of Harland Clarke Holdings.