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Hispanic Youth Are Key to Restaurant Industry Growth, reveals Packaged Facts
Without the influence of Hispanic spending and population patterns restaurant industry sales would have declined during 2008 through 2010
Without the influence of Hispanic spending and population patterns, therefore, restaurant industry sales would have declined during 2008 through 2010, according to Latino Foodservice Trends in the U.S., a just-released report from Packaged Facts.
Hispanic share of consumer-driven restaurant sales has ticked upward from 12% in 2006 to 12.7% in 2011, although Hispanic share of limited-service sales decreased slightly over most of this period.
From 2005 to 2025, the U.S. Census has projected 78% growth in the Hispanic population, compared to 15% growth in the general population. Put another way, some 70% of the estimated 47.2 million in population growth during 2005-25 is attributed to Hispanic population growth.
While the fastest growing segments of the Hispanic population will be those age 45 or over, under-25s are still expected to comprise 43.2% of all Hispanics, underscoring the long-term importance of younger Hispanics to the restaurant industry.
According to David Sprinkle, publisher of Packaged Facts, younger consumers are more likely to use limited-service and snack and beverage restaurants than average, and likely to use them more often—and Hispanic consumers are no exception.
For example, Hispanics age 18-24 are about 25% more likely than Hispanics in general to use both limited-service and at least 14 times per month. While non-Hispanic usage similarly tilts to youth, the prevalence of younger consumers in the Hispanic population makes Hispanic youth that much more important to the restaurant industry.
For more information, please visit https://www.packagedfacts.com/
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About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer demographics and shopper insights, consumer financial products and services, consumer goods and retailing, consumer packaged goods (including foods and beverages, health and beauty care, and household products), and pet products and services. Packaged Facts also offers a full range of custom research services. To learn more, visit: www.packagedfacts.com. Follow us on Facebook, LinkedIn and Twitter.