Coupons play an important role in the daily lives of millions of Hispanics. It’s part of our culture. I remember when I worked at Ogilvy in Mexico, the company would pay staff part of their monthly salary in stamps, which were essentially coupons with which we could buy various products from department stores.
Hispanics also use coupons out of economic necessity. Although they have massive buying power in the U.S., Hispanics are twice as likely to live in poverty than other groups, and significantly less likely have an income greater than $125,000.
The research suggests that up to 92 percent of Hispanics use coupons, and 80 percent decide where to shop based on whether stores allow them to use coupons — whether it’s through physical coupons, smartphones or store cards. Hispanics also a relatively higher amount of money while shopping compared to other groups, and they also spend more time on social media and smartphones. For this demographic, coupons are a golden opportunity.
Coupons have traditionally been distributed through efficient yet boring ways: newspapers, magazines, people passing them out on the street. Today’s technology, however, would make it possible for us to transform the process of using coupons a memorable and entertaining experience for consumers — especially younger shoppers.
About 40 percent of Millennials report that finding coupons and comparing prices is the primary way they use their mobile devices while grocery shopping. New forms of digital coupons would be a spectacular tool to reach this target audience. But for it to be economical for marketers, they need to understand exactly whom they’re trying to reach.
The success of coupons depends on us. Hispanics need them and use them on a daily basis. It’s our job to make sure they choose ours.