Facts About the Hispanic Market in the United States
The Hispanic, Latino, or LatinX market if you will, is a growing segment of the food & beverage industry with over 60 million consumers, as confirmed by the 2020 U.S. Census. According to the report from Nielsen, “Cultural connectivity transformed. How Latinos are connecting while social distancing”, there are over 62.3 million Hispanics living in the USA, representing close to 20% of the U.S. population. Their median age is 28, so they are swiftly approaching their peak earning years. From 2010 to 2019, Hispanics’ buying power increased 69% compared with 41% of non-Hispanics. Over the past 6 years in the USA, Hispanics accounted for 75% of all U.S. labor force growth.
According to the Selig Center for Economic Growth at the University of Georgia — which has been studying the spending of minority populations in the country for more than 30 years — the Hispanic market is by far the largest minority market in the country. The group’s spending power grew to $1.9 trillion in 2020, an increase of 87% from 2010.
If the Hispanic market in the U.S. were an independent country, its purchasing power, would be rank third or fourth in the world. That purchasing power is larger than the GDP of countries such as Australia, Spain, Mexico, or Russia.
Studies have suggested food & beverage expenditures by this segment of the market is now over $380 billion strong and growing each year (Pew Hispanic Research Center).
It is not a monolithic market. “This is an extremely diverse group of Americans who span a myriad of skin tones, racial backgrounds, levels of acculturation, and countries of origin and identity.”
Questions Retailers Should Ask
Is your retail establishment, convenience store, supermarket, or grocery store (s) successfully selling to your current Hispanic customers, or can you do better?
Is your store neighborhood changing, with more Hispanics moving in? If so, do you know which Hispanic cultural group or groups are coming in? Are you finding out that it is not enough to carry one brand, say Goya, to satisfy your Hispanic customers?
Do you have the “correct” products mix on your supermarket shelves to respond to the needs of Latinos in general and to the specific Hispanic sub-segment in your neighborhood?
Are you losing customers to surrounding bodegas?
The World of the Latino Cuisine, Inc. (WLC) is a Hispanic and woman owned company with vast experience in connecting mainstream food & beverage manufacturers, wholesalers, and distributors with the Hispanic market.
WLC operates trade shows in the industry, and, annually, organizes and operates a pavilion of the National Grocers Association (NGA) Show.
WLC will provide consulting services to connect you to your specific Hispanic market, identify pertinent subgroups, identify the grocery items you must have on your shelves, and assist you in sourcing products which match your market. The purpose of the consultancy is to assist you in growing your sales by maximizing your offer to your customers.
Those services include:
- Researching your specific geographical area, and identifying your target market
- Matching your specific subgroups with the items/products you are already selling, and identifying brands that must be on your shelves
- Assist your company in sourcing those items/products which have been identified by identifying producers and/or distributors of those items/products near your area
- Periodically evaluating the mix of items/products to ensure continued sales and growth.
If you would like to have a conversation about our services, contact us at:
Telephone: 732-657-5688 Email: email@example.com