By: Carla Eboli, CMO @ceboli | December 22, 2014
Hispanics are thriftier than the general population – mainly because they feel insecure about their financial situation – but at the same time they are more optimistic about the country’s economy than the average population. This is what the “America the Frugal: US Consumer Sentiment Survey” report, recently published by McKinsey & Company, says about the US Hispanic population.
The results, according to the document, show that US Hispanic consumers “have cut back on spending 20% more than the general population,” using more coupons and eating out less frequently (54% say they are eating at home more, versus 44% of the general population).
The report also shows that millennials (24-34 y/o) – considered a “critical group to understand, since collectively they will spend 3X more in most household categories in 2020 than they do currently” – are more likely than the general population to cut back on spending (15%) and also to trade down to cheaper brands (30% more likely).
The good news is that millennials are twice as likely to spend more money on categories that they consider more relevant, such as hair and skin care and ice cream as well.