With the winter holiday gifting season upon us, My Code investigated how diverse and multicultural consumers are approaching this holiday season and how their approaches are reshaping the retail landscape.
The insights in this report focus on helping retailers and brands understand how to adapt and deepen diverse and multicultural customer relationships to bolster short & long-term business goals.
- Significantly more U.S. adults have purchased, or have plans to purchase, holiday gifts this year compared to last year (91% vs. 89%), and diverse consumers are driving year-over-year growth in demand
- Despite the challenging economic climate, diverse holiday shoppers are driving revenue growth, with 74% of multicultural shoppers planning to spend the same amount or more in 2023 compared to 2022, a significant +7% increase from 2022
- Diverse and multicultural shoppers are driving growth in early and year-round holiday gift-shopping
- Over 70% of diverse gift shoppers want to see more retail advertising that reflects people like them
- 66% of diverse shoppers are more likely to consider shopping at retailers when they feel understood, a significant +8% increase from 2022
Intelligence Center from My Code™ has developed this report to highlight how deep, nuanced consumer understanding will help retailers and brands deepen revenue-driving relationships with diverse and multicultural gift shoppers.