Over the past 10 years the food buying habits of Hispanics have begun to mirror those of American consumers as a whole, and U.S. marketers must be aware of various emerging trends if they seek to effectively reach the increasingly influential Latino consumer segment.
As U.S.-born Hispanics account for an increasing share of the Hispanic population, spending by Hispanic consumer units on processed foods and packaged goods in the center of the store is expected to increase at an even faster rate than overall food expenditures. In fact, expenditures by Hispanic food shoppers will reach $86 billion in 2018, representing a cumulative growth of more than 28 percent and a CAGR of more than 5 percent.
According to a new report from Acosta Sales & Marketing, as the U.S. Hispanic population grows, CPG companies and retailers need to develop marketing strategies to best attract and win with this important consumer segment.
“With the Hispanic population of 57 million expected to double by 2050, brands and retailers recognize that this growth can positively impact their bottom lines. Knowing how these consumers shop and make purchase decisions is important for capturing market share," said Colin Stewart, senior vice president, Acosta.
According to the report, whether it’s the amount spent on groceries, the enjoyment of shopping, eating dinner at the table or purchasing groceries online, Hispanic shoppers outperform their total U.S. counterparts nearly every time.
Hispanic shoppers are more optimistic about their personal economies, which has translated into their highest monthly grocery spending in three years. Hispanic shoppers spend an average of $361 a month on groceries compared to $331 spent by the total U.S. shopper population.
What’s more, the dinner table takes center stage in the Hispanic household. By making mealtime a priority, Hispanic shoppers are buying more groceries and preparing more meals. Need proof? Sixty-five percent of Hispanic shoppers ate dinner at the dining table or kitchen counter compared to 55 percent of total U.S. shoppers. Hispanic shoppers average 3.3 meals a day, compared to total U.S. shoppers’ 2.8 meals a day, which translates to 3.5 additional meal occasions each week. Meal requests from their families and children drive 23 percent of Hispanic shoppers’ dinner choices, compared to just 12 percent of total U.S. shoppers.