Thursday 12th May 2011, 06:57 Central Time
US food growth 'driven by Hispanics'
New data suggests that stagnant US food, beverage and restaurant growth is being boosted by Hispanic spending
Hispanic shoppers have become the most important demographic for driving growth in the US food, beverage and restaurant sectors, according to new information provided by Hispanic market expert Latinum Network.
According to information presented during a investor conference call, the US Hispanic segment accounted for over 50 per cent of real growth for the US consumer economy between 2005 and 2008, with US$52bn 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 per cent of the real decline in demand across the US$1tn sector.
Findings included the fact that over US$9bn of new value in food and beverage was created by Hispanics between 2005-2008, and that US$5.9bn of new value was created by Hispanics in growing categories where they represent some 20 per cent of growth.
"Clearly, US Hispanics represent a growing market in the midst of a mature US consumer economy, but in order to win over this important demo, brands must make an authentic appeal to the unique behaviours and tastes of US Hispanics through distinct products, channels, messaging and marketing strategies," said David Wellisch, co-founder and principal of Latinum Network.