The Private Label Hispanic Consumer - US - August 2012
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According to the U.S. Census Bureau, the Hispanic population is expected to reach 61.1 million by 2017, a 15.6% increase from 2012. Additionally, Hispanic spending power is expected to climb to nearly $1.7 trillion by 2017, from nearly $1.2 trillion in 2012. Hispanic households are more likely than non-Hispanic households to have children. Hispanic families are also larger than non-Hispanic families, with multigenerational members of the same household consuming various types of foods and packaged goods. The preferred language of Hispanics is a much greater factor than income in the likelihood Hispanics will purchase a private label product, with trust in name brand goods higher among less acculturated Hispanics. Understanding these differences and the types of private label brands Hispanics prefer will help marketers not only maintain, but grow their business among this important consumer group.
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