Hispanic Consumers Driving U.S. Food Growth
According to information presented during an investor conference call, the U.S. Hispanic segment accounted for over 50% of real growth for the U.S. consumer economy between 2005-2008, with $52 billion of new inflation-adjusted Hispanic spending.
Growth was attributed to an increase in the number of Hispanic households, as well as an increase in consumer spending, offsetting 84% of the real decline in demand across the $1 trillion sector.
Findings included the fact that over $9 billion of new value in food and beverage was created by Hispanics between 2005-2008, and that $5.9 billion of new value was created by Hispanics in growing categories, where they represent some 20% of growth.
"Clearly, U.S. Hispanics represent a growing market in the midst of a mature U.S. consumer economy, but in order to win over this important demo, brands must make an authentic appeal to the unique behaviors and tastes of U.S. Hispanics through distinct products, channels, messaging and marketing strategies," said David Wellisch, co-founder and principal of Latinum Network.
From the May 12, 2011, Prepared Foods' Daily News.