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Latino Daily News

Thursday May 12, 2011

U.S. Hispanics Driving U.S. Food Spending Growth

The food and beverage industry is counting on current research data that shows the dormant U.S. food, beverage and restaurant growth is and will be driven by the U.S. Hispanic consumer.

According to industry research authored by Latinum Nework, the Hispanic consumer accounted for more than 50 percent of real growth of U.S. consumption economy from 2005-2008.  This translated into $52 billion in value and this growth help offset an 84 percent general market decline.

More importantly Hispanics created $ 9 billion worth of new value in the industry during the same time period.  However, this market segments purchasing power should not be taken for granted.

David Wellisch, of Latinum Network noted “In order to win over this important demo, brands must make an authentic appeal to the unique behaviors and tastes of US Hispanics.”