As the U.S. becomes more multicultural, the tastes and buying habits of younger consumers are reflecting growing ethnic populations. Multicultural consumer purchasing power reached $3.4 trillion in 2014, and has been growing at more than double the overall rate of U.S. purchasing power since 1990, according to Nielsen's The Multicultural Edge: Rising Super Consumers. These shoppers are fueling growth in different categories, and attracting multicultural consumers offers long-term opportunities for the right brands.
While Asian Americans accounted for just 3.1% of all retail purchases by volume in 2014, they also accounted for 15.3% of the Asian noodle market and 9.6% of the dried vegetable and grain market. African American consumers accounted for 10.6% of the overall market, 25.4% of the hot sauce market and 17.9% of the unprepared frozen meat, poultry and seafood market. Hispanic consumers accounted for 12.7% of the total retail market, 21.9% of the dried vegetables and grain market and 21.2% of the hot sauce market.
While Whole Foods is gaining ground in the grocery market, it’s taking longer than expected, as the grocer has to overcome its pricey reputation, among other barriers, before seeing real impact.read more
With a background in both daily and weekly publications, Bryan has worked as a journalist since freelancing for his hometown paper in high school. He has since written both in print and online for min, The Times of Trenton and North Jersey Media Group, holding positions from stringer to editor. With a background as a news reporter, he has learned to seek out the focus behind the story, digging for the most important information.
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