Major retailers are already lamenting slow holiday sales even before the season has fully launched. Nordstrom, Kohl’s and Macy’s – one by one they have warned Wall Street of rising inventory, prompting the companies to cut earlier holiday sales forecasts.
But here’s a bright note: Florida Atlantic University of Boca Raton just released a national survey stating that 31 percent of Hispanics intend to boost their holiday spending this year, up from 29 percent in 2014.
Those who said they would spend no money shrank by nine percentage points, which is statistically significant. The findings indicate that Latinos may be more solid financially this year and, therefore, more willing to open their wallets.
In fact, 13 percent of respondents said they planned to spend $1,000 or more, according to the survey, which is substantially higher than the 8 percent reported the year before. And in another sign of Hispanic consumer confidence, 64 percent said they planned to spend cash, compared with 59 percent back in 2014. If Hispanics say they plan to spend cash it’s because they have greenbacks in their wallets. Otherwise, they would resort to the old fashioned tarjetazo, or credit card binge.
Monica Escaleras, director of FAU’s Business and Economics Polling Initiative, which conducted the poll, thinks retailers ought to focus on this consumer group with a strong likelihood of consumer spending.
I’m more interested in the jolly news that Hispanics are feeling festive and generous because the group often experiences the brunt of the recession first and the recovery last.
˜˜Maria Padilla, Editor