The growing Hispanic population is a consumer powerhouse, but more specifically, supermarkets can't ignore the Hispanic Millennial
We recently spoke about the huge opportunities for supermarkets and product companies alike when looking at the growing consumer base of Hispanics. Recent statistics from Nielsen indicate that at 57 million strong and with approximately $1.4 trillion in buying power, the U.S. Hispanic population is expected to double by 2050.
But we're also reminded that more specifically, Hispanic millennials are projected to be the fastest-growing and most influential population group in the United States. According to 2014 U.S. Census Bureau figures, the nation’s 83.1 million millennials are “far more diverse than the generations that preceded them", with 44.2% being part of a minority race or ethnic group.
Facts, Figures & The Future anticipates a food future led by this group, a group that are more optimistic foodies and could well become the next generation of food brand and food retail innovators. Furthermore, Hispanic millennials might be more motivated to fill a gap if today’s mainstream supermarkets fail to satisfy their distinct food, beverage and alcohol preferences or respect the roles of food in their culture.
According to ThinkNow research and Sensis in their Hispanic Millennial Project Hispanic millennials relate to foods and beverages in several key ways, for example;
•The U.S.-born use food and beverage to connect to their cultural roots.
•The foreign-born consume mass-market brands to assimilate into mainstream culture.
•They inspire non-Hispanic white millennials to embrace ethnic flavors.
Moreover, their larger households (3.5 people) spend a mean $149 per week on groceries, more than non-Hispanic white millennials ($136, 3.1), Asian millennials ($119, 3.0), and African-American millennials ($105, 3.1).
Supermarkets need to bring Hispanic millennials in, not only as customers but as employees in order to ensure that their product marketing, assortment and pricing strategies are relevant to this influential and growing group.