latino lingo

All things related to effective Hispanic marketing, Hispanic advertising and Hispanic public relations.

Wednesday, November 07, 2007

Hispanics buying most gift cards

Article in BrandWeek reports that Hispanics spend more on gift cards than any other ethnic group. According to Comdata-Stored Value Solutions, Hispanics purchase an average value of $71, African-Americans spend $60 and Caucasians spend $41 on the average gift card purchase. The amount spent by Hispanics soared 87% compared to last year, per CSVS which polled 800 consumers online between Sept. 12-18.

The main reasons cited are that Retailers are actively marketing to this segment in a culturally-relevant manner, and the fact Hispanics are "underbanked" leads 26% of Hispanics to buy cards to their children in rather than an allowance or as a budgeting tool.

Other findings"
-- Hispanics are more likely to buy gift cards for themselves (40%) vs. Caucasians (30%) and African-Americans (24%);
-- Hispanics, always or often, spend more than the value of the card (69%) compared to Caucasians (52%) and African-Americans (44%).
-- Hispanics buy cards with higher initial values and are most likely to reload the cards.

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