Hispanics spend more than $94 billion annually on consumer packaged goods (CPGs), and their spending power is on the rise, according to research firm IRI’s new Hispanics and New Products report. The demographic will account for more than half of the population growth in the United States by 2020.
When it comes to snacks, Hispanic shoppers tend to look for products that are made with natural ingredients and contain extra vitamins and minerals, said Susan Viamari, vice president of thought leadership with IRI, to Convenience Store Products.
“This is particularly true for Spanish-speaking and bilingual Hispanics,” she said. “English-speaking Hispanics seek these attributes, but not quite as fervently. Spanish-speaking Hispanics also seek dairy- and fat-free snacking options.”
Besides observing the products Hispanics are buying, purchase drivers and nuances in behavioral shifts, IRI also compiled the top Pacesetter items—the top-selling new products per category—sold to the consumer group in the report, all 10 of which are convenience-store staples. The rankings were based off a specific dollar-per-buyer index that compares share of CPG spending from Hispanic consumers vs. non-Hispanic consumers.
Here are the top 10 Pacesetter products in the Hispanic community, according to IRI …