IDDBA reveals 'What's in Store'
April 18, 2012
by Meat&Poultry Staff
MADISON, Wis. – Hispanics, singles; Boomers and Millennials are reshaping the retail food market, according to What’s in Store 2012, a market trends report from the International Dairy-Deli-Bakery Association.
What's in Store 2012 is a 200+ page trends report that details consumer and industry trends affecting
the dairy case, cheese case, bakery, deli, and foodservice supermarket departments, IDDBA said. The report was developed in cooperation with leading industry companies, publications, press and web services and associations. The report examines how a new cultural mix and gender demographics are impacting the retail food market and how retailers can respond. For example:
• The burgeoning Hispanic population was responsible for more than half the growth in the US population from 2000 to 2010, according to US Census Data. Hispanic buying power hit $1 trillion in 2010 and is forecasted to climb 25 percent to $1.5 trillion by 2015. Hispanic households spend more on groceries than the general population and tend to have larger families. Hispanic consumers are more alert to in-store promotions and less affected by advertising and product placements.
• Singles are another demographic shaping the retail market. Single-person households have tripled in the last 30 years to 27 percent of US households, outnumbering those of married couples with children, according to the US Census Bureau. People also are marrying later, if at all, and 45 percent of seniors are single, according to Census data. Therefore, single-serving packages and packages with fewer servings can cater to a sizeable market.
• Mature populations, especially Baby Boomers, are working beyond retirement age. Many are accustomed to an active lifestyle that requires steady income, while some lack retirement savings. In any case, Boomers defy stereotypes of conservative older consumers, and they account for the largest share of sales across most product categories. They are more active and health conscious than ever before, and seek shopping destinations that stock fresh, healthful foods
• Millennials, born between 1981 and 1995, have 11 percent more buying power than Baby Boomers did in their youth. They spend a lot of time researching purchases and looking for deals. Millennials crave authenticity, self-expression, affordability, and quality in their product choices.
Click here for more information on "What’s in Store".