A growing, and young, Hispanic population in the United States will have a huge impact on food consumption.
According to the Food Institute’s newly released Demographics of Consumer Food Spending, there are many reasons for this.
Hispanic families spend more on food than the traditional U.S. version– $5,717 versus the average $5,340.
The new study shows that consumers younger than 25 years old spend a greater proportion of their income on food than any other age group.
U.S. Hispanic shoppers make an average of 26 grocery trips per month — three times more than the typical U.S. shopper.
Their $686-billion purchasing power in 2004 is expected to reach $1 trillion by 2010.
Restaurants, grocers and food suppliers will continue to feel the impact of these demographic shifts.
The new demographics study indicates Hispanic diners spend 6.10 percent of their income eating out, an increasing amount– higher than average or than any other group. It could reflect the 160 percent growth in ethnic casual restaurants between 1998 and 2003, notes Irene Kennedy, FI’s research and education director.
The unexpected, rapid growth of Hispanics caused major revisions in the Census Bureau’s June 2005 figures. Hispanics accounted for 50 percent of the nation’s population growth of 2.9 million in a one-year period. Perhaps more important, the greatest source of Hispanic growth is now births– not immigration.
FI’s latest publication, Demographics of Consumer Food Spending, 2005 Edition, analyzes current purchasing patterns in a variety of shopper breakdowns and food categories, enabling one to anticipate future demands and stay ahead of the curve. You make order a copy from Sue Antista, (201) 791-5570, or at http://www.foodinstitute.com/demographics.cfm.
Source: Food Insitute