Multicultural consumers are expected to drive this year’s increase in holiday spending with African-Americans making up the largest percentage of the increase, according to the 2014 Holiday Sales Forecast released today by Nielsen, a leading global provider of information and insights.
Trends such as rising consumer confidence in the economy, lowered inflation and falling gas prices indicate that consumers overall are eager to spend more this holiday season than last year. Multicultural households are projected to account for 43% of the increased spending this holiday season. African-Americans are expected to be the heavier spenders this season, accounting for 17%, spending more than other multicultural groups.
Twenty-two percent of shoppers have already begun shopping compared to 65% of the general population who plan to delay their holiday shopping excursions. While African-Americans, plan to spend more, 70% plan to shop later during this holiday season.
So where are African-Americans shopping? With multicultural households driving this year’s online growth, African-Americans plan to spend 20% more online compared to last year. African-Americans also plan to spend 15% more at electronics retailers and grocery stores this season.
African-Americans’ holiday lists are diverse as well. Electronics including smartphones, TVs and laptops will account for 17% more spending by African-Americans compared to 10% of total households. Other product areas where increased spending is planned include 17% more on food and 15% more on apparel.
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