Hispanic Americans to have $1.5 trillion in buying power by 2015, according to IDDBA.
Hispanic- and Asian-American consumers are growing demographics with considerable spending power, providing new sales opportunities to food retailers. This trend is evidenced by findings in “What’s in Store 2015,” the 29th edition of the annual food industry and consumer trends publication of the International Dairy-Deli-Bakery Association (IDDBA).
Among the statistics reported:
- Hispanic Americans will represent 31% of the U.S. population by 2060, according to the U.S. Census Bureau. Registering a growth rate of almost 58% between 2000 and 2013, Asian Americans continue to be the fastest growing U.S. demographic.
- Hispanic Americans will have $1.5 trillion in buying power by 2015, a 50% increase from 2010, while Asian-Americans’ average household expenditure in 2013 was $61,400, 19% more than non-Asian households, according to Nielsen.
- Both demographics are tech-savvy, with 48.5% of Hispanic consumers using their mobile device for shopping (according to BIA/Kelsey) and 77% of Asian consumers making an online purchase in the past year (according to Nielsen). Hispanic consumers rely on mobile apps more than non-Hispanic consumers at a rate of nearly two-to-one (according to BIA/Kelsey).
- The NPD Group forecasts that Latino food categories will rise by 7% over the next five years.
“What’s in Store 2015,” the 29th edition, is a 224-page trends report that details consumer and industry trends affecting the in-store dairy case, cheese case, bakery, deli, and foodservice departments.