Posts Tagged: consumers
Latino Spending Power Reaches All-Time High, Surpasses Non-Latino Groups'
Recent studies prove that spending power by the Hispanic demographic is growing faster than that of non-Latino groups.
The number of Hispanic households is growing faster than ever, making a larger consumer group. This also means that there is a higher spending power among Latinos in America that businesses will model some of their strategies toward.
Between 2012 and 2015, Latino households represented about 40 percent of the growth in spending for household equipment. In the same time period, Hispanic households accounted for 25 percent of the growth in spending for new cars and trucks.
Data for Latino Household Aggregated Spending
Latino household accounted for double-digit shares of growth in aggregated expenditures:
- 20 percent growth in furniture expenses
- 18 percent growth in major household appliances
- 17 percent growth in audio-visual equipment and services
- 16 percent growth in small appliances
Data for Latino Household Use of Financial Services
In the past 10 years, Latino households have accounted for the rapid growth of a wide selection of financial services. Hispanic households have spent more on financial services than any other demographic in the U.S.
Hispanic Contribution to Growth in Financial Industry
Between 2005 and 2015, the use of credit cards by Latinos have grown 11 times faster than it did in non-Latino households. Data shows that it grew by 44 percent, whereas other households only grew by 4 percent.
In the same time period, there were 5.1 million more Latino credit card holders which accounted for about 49 percent of the growth in the total amount of consumers using credit cards.
Hispanic Consumer Trends Impact Foodservice Industry
Not only are Hispanic consumers contributing to the growth of the financial industry, the demographic also makes a huge impact on the foodservice industry.
A recent Hispanic Foodservice Consumer Trend Report says that Latinos are expected to make up nearly 30 percent of the U.S. population. What that means is that, the Latino demographic will shape the growth of the industry because as the population grows, so will its usage of food.
Forty-one percent of Hispanic consumers account for the usage of foodservices twice a week.
Family style eating places benefit the most from Latino consumers since Hispanics generally like to eat meals with their families.
Franchises will benefit from the growth in Latino spending power should they add popular Hispanic meals and flavors to their menus.
Source: Published originally on LatinPost.com Latino Spending Power Reaches All-Time High, Surpasses Non-Latino Groups' , by Claudia Balthazar, August 12, 2016.
Hispanic Millennials in the US Have Different Health Attitudes from Those in Latin America
Houston Chronicle wrote that the new study, dubbed “The Hispanic Millennial Study,” was unveiled in Houston, which cited several differences between Latinos born in the U.S. and those born abroad. For example, Latinos living in the U.S. had described health as a state of happiness, while the foreign-born Latinos defined the term as the absence of illness.
Hispanic millennials are the second largest Hispanic group residing in the U.S. The Hispanic Millennial Project is a joint study formed by ThinkNow Research and Sensis, which provided more insight on the group. The study showed that Latino millennials shop independently and tend to spend more money on groceries compared to other groups.
Based on the report, 66 percent of Hispanic millennials stated that their culture and background affect their purchasing habits to some extent, 85 percent believe that chicken is healthy, while 57 percent believe that sugar is healthy. 80 percent of Hispanic millennials use recipes, 74 percent do most or all of the grocery shopping for the home and 39 percent rarely or never use coupons. Hispanic millennials spend about $149 per week on groceries. 63 percent like to consume tequila and vodka, 51 percent prefer beer, while 38 percent prefer wine.
The report also showed that 56 percent of Hispanic millennials use both food and drinks to connect to their cultural roots. Hispanic millennials born abroad consume mass market food with the purpose of getting in touch with mainstream culture. Hispanics are not very fond of doing research and availing of coupons. Many who consume large amounts of beer also state that their habit is influenced by friends and culture. Latinos that earn well are less likely to pick foods that relate to their cultural heritage.
Hispanic millennials are also affected by health and finances. They are more likely than other groups to indicate when they are on a diet to shed weight, although they are not as cautious about their diet as before. They also find whole foods important, although they do not believe that processed food pose risks. 81 percent like home-cooked dishes, although 62 percent prefer eating out.
Overall, Hispanic millennials refer to themselves as “foodies.”
Source:Published originally on LatinPost.com. Hispanic Millennials in the US Have Different Health Attitudes from Those in Latin America, by Staff Writer, January29, 2016.
Hispanic business leaders counter 'bashing' with economic data
"We want to make sure that Houstonians understand that Hispanics are spending billions of dollars in this city," added Laura Murillo, president and CEO of the Houston Hispanic Chamber of Commerce.
Consumer spending among Houston's Hispanics increased 44 percent to $52.75 billion in 2014 and is expected to top $175 billion by 2034, according to data presented by Mitzi Fleissner, research director for Telemundo Houston.
Figures like that represent opportunity for Houston companies, especially those with employees who speak Spanish. Fleissner said some 70 percent of the city's Hispanic households prefer speaking in Spanish.
These and other data points, ranging from home-ownership rates to voting patterns, were discussed during the inaugural Hispanic Houston Impact Summit. The event was presented by the Houston Hispanic Chamber of Commerce, Houston Business Journal and Telemundo Houston.
With so much of the current political debate having an anti-Hispanic or anti-immigrant edge, Murillo wanted to present a more positive image.
The latest Census figures show Harris County is 42 percent Hispanic. Throughout Houston, the group is wielding an increasingly strong purchasing power. Hispanics spent $6.1 billion on groceries, $4.2 billion dining out, $3 billion on health care and $2.4 billion on clothes in 2014, Fleissner showed in her presentation Wednesday.
Banking presents a particularly strong growth segment as Hispanic adult households are more likely than other groups to not use a bank or credit union, she said.
Murillo also lamented the lack of Hispanics on companies' board of directors. She said boards should reflect local diversity, even noting that 40 percent of directors on the chamber's board are not Hispanic.
This is also a problem in the political sphere, she said, and the event likewise highlighted the importance of voting.
Source: Published originally on Houston Chronicle as Hispanic business leaders counter 'bashing' with economic data by Andrea Rumbaugh, June 29, 2016.
California food choices won’t save much drought water, researchers find
Can you help fight the California drought by consuming only foods and beverages that require minimal water to produce?
To begin with, not all water drops are equal because not all water uses impact California's drought, the researchers explain.
Drought-relevant water
So just what water does qualify as California drought-relevant water? You can definitely count surface water and groundwater used for agricultural irrigation as well as water used for urban purposes, including industrial, commercial and household uses.
And here are a few examples of what water is not relevant to California's drought:
-- Water used in another state to produce young livestock that are later shipped to California for food production; and
-- Rain that falls on un-irrigated California pastureland. (Studies show that non-irrigated, grazed pastures actually release more water into streams and rivers than do un-grazed pastures, the researchers say.)
In short, California's drought-relevant water includes all irrigation water, but excludes rainfall on non-irrigated California pastures as well as any water that actually came from out-of-state sources and wound up in livestock feeds or young livestock eventually imported by California farmers and ranchers.
Also, the amount of water that soaks back into the ground following crop irrigation doesn't count – and that amount can be quantified for each crop.
Comparing water use for various foods
I think you're getting the picture; this water-for-food analysis is complicated. For this paper, the researchers examined five plant-based and two animal-based food products: almonds, wine, tomatoes, broccoli, lettuce, milk and beef steak.
In teasing out the accurate amount of water that can be attributed to each food, the researchers first calculated how much water must be applied to grow a serving of each crop or animal product. Then they backed off the amount of water that is not California drought-relevant water, arriving at a second figure for the amount of drought-relevant water used for each food.
They provide a terrific graph (Fig. 3) that makes this all quite clear, comparing total applied water with California drought-relevant water used for the seven food products.
Milk and steak top the chart in total water use, with 1 cup of milk requiring 68 total gallons of water and a 3-ounce steak requiring 883.5 total gallons of water.
But when only California drought-relevant water is considered, one cup of milk is shown to be using 22 gallons of water and that 3-oz steak is using just 10.5 gallons of water. (Remember, to accurately assess California drought-water usage, we had to back off rainwater on non-irrigated pastures and water applied out of state to raise young livestock or feed that eventually would be imported by California producers.)
“Remarkably, a serving of steak uses much less water than a serving of almonds, or a glass of milk or wine, and about the same as a serving of broccoli or stewed tomatoes,” write Sumner and Anderson.
Still skeptical? Check out their paper in the January-February issue of the “Update” newsletter of the Giannini Foundation of Agricultural Economics at http://bit.ly/1XKZxxC.
Bon appetit!
Just a Little Venting
Why eat terrible fruit when you can eat wonderful California fruit, or should be able to? All too often fruit which is shipped for several weeks from far off groves arrives distressed and put into cold storage here and then this is mishandled at the retailer. What the consumer ends up with is postharvest damage. Fruit that has been held too long in cold storage at the wrong temperature and you get fruit like that pictured below. Barely edible if you eat around the black stuff.
In January, I bought a bag of 4 fruit from the local store. When it had ripened, I cut open all 4 fruit and saw cold damage. I took them back to the store and they gave me another bag. When ripe, I cut them open and found the same damage. Took them back and they gave me another bag. Same thing. Took them back and asked for my money back. The produce manager said I was the only one to complain. It's a good store to back their product, but I wonder if they ever complained to their supplier. And what about the other buyers?
California can grow great fruit year-round. Some of it could be the old 'Fuerte' which is a great eating winter fruit or a 'Reed' or 'Nabal' in the summer. And some people just really like 'Zutano' or 'Bacon'. We all don't like the same taste. Add some variety to life. I was reminded of this the other day when I went to look at a recently planted 'Reed' orchard. When asked why, the grower said she loved the fruit and had a buyer for all her fruit. That's what it takes when you don't grow 'Hass', finding the market for some of these unusual varieties. Or find a packer that will take a chance on your fruit.
There's been a call for a long time on the part of growers to sell their greenskins, but the consumer needs to be taught what a good piece of fruit taste like at the right time of year. There have been lots of advocates for variety for a long time, and now that consumers have turned into 'foodies' it's time to feed them. They don't want to go to the store and buy a bad piece of fruit. And then throw it out. Instead they should go back to the store and demand a good piece of fruit.
End of rant.
avocado cold damage 1
avocado cold damage 2