Those numbers are just for the Hispanic population. The University of Georgia's Selig Center for Economic Growth says the combined buying power of ethnic consumers in the U.S. tops $1 trillion. By 2030, one third of the U.S. population will be Hispanic (19%), African-American (13%) or Asian American/Indian (7%), according to data gathered by the U.S. Census Bureau. Such statistics are impossible to ignore, says Jill A. Rahman, director of ethnic marketing with Kraft Foods, Northfield, Ill. “Understanding and marketing to ethnic consumers is a strategic imperative if food manufacturers and retailers want to thrive.”
According to data Kraft presented at the FMI show, Hispanics spend 12.3% of their income on food prepared in the home, while African-Americans allocate 10.1%. Each of these is significantly greater than the 8.3% the general market devotes to in-home food purchases. Those statistics equate to an average yearly household expenditure of $5,300 for Hispanics, compared with $4,305 for the general market.