Latino food shoppers increasingly mirror habits of American consumers overall
Over the past decade 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, according to Hispanic Food Shoppers in the U.S., a recent report by market research publisher Packaged Facts (packagedfacts.com).
Looking ahead, Packaged Facts expects that the continuing healthy growth in the Hispanic population, an improving economy that will lift job prospects for Latino workers, the overall confidence about the future demonstrated by Hispanic consumers and improved marketing and merchandising by food marketers and retailers will contribute to a more vigorous growth rate in Hispanic food expenditures in grocery and other food stores than was seen in the last five years. 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. Overall, Packaged Facts forecasts that expenditures by Hispanic food shoppers will reach in 2018. This represents cumulative growth of more than 28% and a compound annual growth rate (CAGR) of more than 5%.