Jane Edwards-Hall, VP of Retail Performance at Synovate, unveiled a number of interesting facts on multicultural retail and media findings at last Friday’s Versailles Breakfast Club in Miami. Chief among these were: how Hispanics are coping at the retail level during a struggling economy, retail shopper segments, the effect of the internet on acculturation and Synovate’s evolving acculturation model.
With respect to Hispanics and the struggling economy, ethnic groups respond differently in some cases. Among Hispanic adult retail shoppers at the national level, there was a higher tendency to favor less costly brands, cut back on spending and shop at price clubs like Costco and Wal-Mart. On the other hand, Hispanics at the national level indexed much lower versus the general market on couponing–meaning they were less likely to scan Sunday newspapers looking for coupons.
Synovate also segmented shoppers into four groups: preference planners, functionals, explorers and system beaters. While there are Hispanics in each segment and they are proportionally similar to the general market, Hispanics were much more likely to be “explorers” once they get to the store and less likely to be “preference planners” with a pre-determined list than their general market counterparts. The implications, according to Synovate, favor strong attention to marketing at the retail point-of-purchase as well as the overall retail customer experience as Hispanics are more likely to make decisions at the store.
Synovate's focus on customer experience modeling via voice-of-customer and mystery shopping solutions help segment Hispanics further from a retail shopping and communications perspective.
Finally, when pressed on their acculturation model and algorithm, Ms. Edwards-Hall admitted the Hispanic market was growing faster and in ways that Synovate and other research companies may not have anticipated.
As a result, models on Hispanic acculturation have changed and are evolving and now include questions on self-described ethnicity, exposure to diverse cultural attitudes and even cultural tension. When asked how the internet was affecting acculturation, Ms. Edwards-Hall saw it as both a means of expediting acculturation as Hispanics are exposed to diverse attitudes and cultures faster now, while at the same the internet allows Hispanics and Asians to also stay in closer contact with families and cultures in different geographies.
Jane Edwards-Hall, VP of Retail Performance at Synovate , unveiled a number of interesting facts on multicultural retail and media findings at last Friday’s Versailles Breakfast Club in Miami.
To see the entire Synovate presentation, visit http://slidesha.re/iQS6kb.