Retailers should not miss the opportunity to appeal to the needs of the Hispanic consumer.
Retailers who do not appeal to, or understand the Hispanic shopper are missing out on some big buying power. Recent data shows that Hispanics will be a leading growth source for food retailers and brand marketers, for decades to come. Why? Well, for example, their robust spending on food and beverage, their high degree of brand loyalty, frequent cooking at home, and hefty forecasts for their U.S. population growth.
Some chains already stand out in their knowledge of the Hispanic shopper —such as Pro’s Ranch Markets, Fiesta Mart and Sedano’s—but the industry as a whole could use more insights to tap into an anticipated $1.5 trillion of Hispanic buying power by 2015.
Insights from recent studies can help retailers in this regard. For example, The Why Behind the Buy Hispanic report from AMG Strategic Advisors, notes the following:
Mealtime is family time in Hispanic households, and getting to that point is a collaborative process. “When the Hispanic shopper heads to the store, she is probably accompanied by her children and focused on the needs of her family,”
This report also notes that, 47% of Hispanics say they eat healthy foods even though they’re more expensive vs. 40% of total U.S. shoppers. This is in sync with an earlier NPD Group report, National Eating Trends Hispanic, which found that “ready-to-eat, fresh and from scratch are the most common food forms during Hispanic meal preparation.”
With such big buying power anticipated from this population, retailers should not miss the opportunity to appeal to the needs of the Hispanic consumer.