CHICAGO — Products and services targeting the Hispanic market will realize much success in the coming years, noted a SymphonyIRI Group Point of View report, “Diverse and Distinct: The Hispanic Population Delivers Numerous Segments and Opportunities — and an Exceptionally Fast-Growing Market,” published Monday.
Hispanics as a group spend nearly 8% more on consumer packaged goods than any other population and have particularly strong spending in the mass merchandise and club channels, the report noted. Presently, the Hispanic demographic accounts for more than 16% of the total U.S. population and grew by 43% over the past decade.
This rapidly growing group is expected to hold $1.3 trillion in purchasing power in 2012.
Hispanics spend 20% and 36% more in club and mass merchandise outlets, respectively, than the general population. In the supercenter channel, however, Hispanics and non-Hispanic spending per trip is about the same. Hispanics spend less per trip in other CPG outlets than non-Hispanic shoppers.
The full Point of View is available for free download here.