Hispanic purchasing power is exerting a powerful influence on the home improvement market, findings from the Outdoor Power Equipment Institute indicate.
David Garcia of the Stevenson Company presented "surprising findings" at a recent OPEI Market Statistics meeting, according to a news release. TraQline Hispanic results for the second quarter of 2013 illustrate recent trends in Hispanics' purchasing behavior within the home improvement sector, including outdoor power equipment (OPE).
Among the findings:
• In 2012, Hispanics' estimated share of home improvement spending topped $19 billion, or 9 percent of sales.
• Hispanics' Internet adoption has accelerated and is similar to the overall U.S. population in terms of online shopping (37 percent) and online buying (11 percent) for OPE.
• Sears and Home Depot are the leading OPE retailers for Hispanics.
• Hispanics are twice as likely to buy OPE as a gift than the U.S. population overall.
Hispanics surveyed said advertising was a significant influence on why they made an OPE purchase at a specific retailer, and was significantly more influential with them than with the general U.S. market. Additionally, Hispanics are more price sensitive and tend to shop more retailers before purchasing OPE.
Measuring purchasing behavior
The Stevenson Company's proprietary ongoing TraQline Hispanic tracking survey measures purchase behavior for tens of thousands of Hispanic shoppers in the U.S., according to the company.
The survey allows marketers, researchers, executives and planners to see how Hispanics shop differently versus non-Hispanics. These differences are even more prominent when looking at language spoken at home, the survey found. The more Spanish is spoken at home, the more likely household members are to shop different OPE brands and at different retailers.
"Hispanics' internet adoption has accelerated dramatically," Mr. Garcia said. "This provides retailers and manufacturers with another way to communicate marketing messages to this fast-growing demographic."
He added: "With Hispanics making up over 50 percent of the total net increase of homeowner households in 2012, they are a critical segment that needs to be focused on within the home improvement industry."
The Stevenson Company of Louisville, Ky., delivers market intelligence for North American retailers and manufacturers. For more information on OPE trends, visit http://stevensoncompany.com/outdoor-power-equipment-market-trends.
Read the full story HERE.
SOURCE: PRWEB.COM Newswire
Original headline: Hispanic Home Improvement Spending Tops $19B in 2012. Sears and Home Depot Lead in Hispanic Outdoor Power Equipment Sales
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