Madison, WI – 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 US population by 2060, according to the US Census Bureau. Registering a growth rate of almost 58% between 2000 and 2013, Asian Americans continue to be the fastest growing US 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, our 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. Its 200+ tables, developed in cooperation with leading industry firms and associations, include department sales, per capita consumption, consumer preferences, system 2, UPC, and private label sales data. The purchase of What’s in Store 2015 includes access to What’s in Store Online, a collection of downloadable tables from the book, plus white papers and trends articles (many with accompanying downloadable tables) that offer supplementary in-depth trends information. Be sure to save time using our Reference Links—these are web homepage links to all of the businesses referenced in What's in Store 2015. The cost is $99 for IDDBA members and $399 for non-members, plus shipping and handling. For more information and to order, visit iddba.org/wis.
About IDDBA: IDDBA is a nonprofit membership organization serving the dairy, deli, bakery, cheese, and supermarket foodservice industries. Member companies enjoy many benefits and services including the Dairy-Deli-Bake seminar and expo, leading-edge research, free training programs, management tools, and an annual trends report, What’s in Store 2015. For more information, contact IDDBA at 608.310.5000 or visit our Web site, www.iddba.org.
Source: International Dairy-Deli-Bakery Association™ (IDDBA)