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This preference for seasoning food while preparing meals rather than buying pre-made explains why products like pork belly index higher with Hispanics than pre-seasoned pork products. In over 100 countries around the world, Nielsen provides the most complete understanding of what consumers watch and buy. For many Hispanic consumers, meal preparation is all about “sazon,” or seasoning.
And most are typically items that could be ingredients in a dish—including beans, guava and cactus leaves. Amid a relatively flat fast-moving consumer goods (FMCG) landscape, the growing buying power of the 57 million Hispanics in the U.S. is a definite opportunity for manufacturers and retailers. Reliable data helps CPG manufacturers understand changes in consumer patterns and make accurate decisions to preserve market share and grow sales. All Rights Reserved. According to Nielsen, in 2016, the nation's 57 million Hispanics reached $1.4 trillion in buying power. For example, 42% of all Hispanics who shop online for groceries and household items say they have shopped less frequently over the past three months. To further highlight the potential the Hispanic market hold, a report from the University of Georgia collected from 1990 to 2017 indicates an increase in the buying power of Hispanics, from $210 million to $1.7 trillion. Of the five fresh departments, the highest-indexing items among Hispanic shoppers come from produce. That's expected to grow to $1.8 trillion by 2021. Specifically, Hispanics who prefer Spanish favor smaller-format stores and are buying less online, both of which are key differentiators that stand in contrast to the overall Hispanic consumer group.https://www.nielsen.com/us/en/insights/article/2018/tracking-the-growing-fmcg-buying-power-of-hispanic-consumers/ U.S. Hispanics currently have $1.7 trillion in purchasing power, a number that’s sure to rise in the years to come. Grocers still have the opportunity to increase their share of Hispanics’ wallet through fresh assortment, but simply stocking products commonly associated with Hispanic cuisine isn’t enough.While many categories traditionally associated with Hispanic cuisine index high with Hispanic consumers, certain staples index much higher.
In the latest edition of its annual report, the Selig Center for Economic Growth at the University of Georgia’s business school pegged total buying power of the US Hispanic population at $1.539 trillion in 2018. In fact, Hispanics out-spent non-Hispanic consumers in 12 of 16 primary FMCG categories over the past year.In looking at the FMCG landscape over the past year, Hispanic spending has remained strong, dipping only in first-quarter 2017, mostly due to the But as with any aggregated data, it’s important for manufacturers and retailers to be able to identify trends across the entire Hispanic consumer group, as well as those within the various sub-groups.
The Hispanic Market Imperative offers a fresh perspective on the Hispanic consumer segment of the U.S. economy. Specifically, bilingual Hispanics and Hispanics that prefer English over Spanish purchase fresh fruits and vegetables to share, while Hispanics that prefer Spanish over English buy more coffee to share than fresh produce. For example, Hispanics purchase products commonly associated with authentic Hispanic cuisine—such as fruits like sapote, specialty cheeses and sweet goods—more frequently than other consumer groups, but these foods are “basket builders” rather than staples. Hispanics in … For example, 41% of the total Hispanic consumer group reports not buying large product sizes in order to share with friends and family. Like other consumer groups, much of Hispanics’ shopping baskets include staples common to many consumers.
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