bake - March 2015 - PAN41

SHOPPERS INSIGHT
What Hispanics
Feel About Spending
Hispanics are gaining more optimism
with improvements in the US
economy, signaling positive signs for
food spending among Hispanics this
year. For bakeries, this translates into
a tremendous opportunity to tap into
this increased optimism with innovative
promotions and new products. It's
important to keep up on such trends
to know how, when and where to
focus your promotional and merchandising
activities.
According to ThinkNow
Research, survey participants were
asked where they thought the US
economy would be heading in
2015, and 46% of Hispanics said
they thought it would be better.
Interestingly, within the Hispanic
population, the answer was largely
driven by their level of acculturation,
with 50% of low- and mediumacculturated
Hispanics saying "the
economy will be better," but only
35% of the highly-acculturated group
feeling that way.
Furthermore, their optimism is
growing, up from 37% last year to
46% this year.
Hispanics are also powering
growth in small businesses. The
number of Hispanic-owned fi rms in
the US was expected to grow from
2.7 million in 2007 to an expected
3.2 million in 2013, according to a
report released by the United States
Hispanic Chamber of Commerce and
Geoscape, a business intelligence fi rm.
The average annual increase in the
number of Hispanic fi rms was 6.7%,
compared to 3.1% growth for all businesses
in the same time period, the
report notes.
WHAT THEY BUY
Mintel states in the new report,
Today's Specialty Food Consumer
2014, that the 145 million people who
say they've bought specialty foods this
year truly represent an 8% advance
over 2013 - even though this new
59% portion of U.S. consumers seems
at fi rst glance to be lower than last
year's 74%.
The most likely buyers of
specialty foods continue to be
Millennials (70% of people between
18 and 34 years old), affl uent (70%
of households earnings $75,000 or
more per year) and Hispanic (71%).
Further, Geoscape reports that
over 993,000 Hispanics within the
United States will turn age 18 in 2015.
Hispanics will account for nearly 23
percent of all persons turning 18
within the United States.
Hispanic population tends to be
more youthful than the population
as a whole. According to the Pew
Research Hispanic Trends Project,
published in June 2014, the median
age for Hispanics is 27, compared
to 37 for the general population.
"The younger the person, the more
likely they are to be Hispanic," says
Cesar Melgoza, founder and CEO of
Geoscape. Consider this in how you
present your business in marketing
materials and at your stores, offi ces
or other physical locations.
CATER TO UNIQUENESS
Don't use a one-size-fitsall
approach in marketing and
promoting your bakery products to
Hispanic customers. Someone who,
for instance, recently immigrated
from Mexico and lives in Texas
may respond to specifi c marketing
messages differently than someone
of Chilean origin who was born in
the US and grew up in Chicago. It
is important to identify your target
customers and tailor your marketing
campaigns to speak directly to them.
You may also want to focus your
marketing on geographic regions
where your target customers tend to
live and work, to get more out of the
dollars you invest. According to the
Pew report, for instance, nearly half
of people of Cuban origin in the US
live in the Miami-Dade County area.
Every business owner can
benefi t by looking for opportunities
to reach a more multicultural
population. "The bulk of the growth
in the US, both in population and
consumer spending, is coming
from new mainstream consumers,"
Melgoza points out.
MARCH 15 | PANADERIA
41

bake - March 2015

Table of Contents for the Digital Edition of bake - March 2015

Bake - March 2015
The Branding Issue - Lessons for All
Table of Contents
News Bites - Gonnella opens cold storage and distribution center
Dunkin’ Donuts to open 46 stores in Indiana
ClubRational grows to 65,000 members
My Favorite Things
Management - Develop Leaders Who Lead
Legislation - Eliminating Trans Fats
Food Safety - Packaging Matters
Ingredients - Picking Winners
Equipment - Saving Labor
Making her couture cake and eating it too
Creating a Brand of Excellence
All About Promotions
Change Your Culture
Bread and Buns
Imperial Desserts
2015 Wedding Trends
Versatile Muffins
Cafe - Get Gourmet With Breakfast Sandwiches
Fruit-infused Teas
Products
Product Showcase
Classifieds
Ad Index
Online - BakeMag.com
bake - March 2015 - bb - 1
bake - March 2015 - bb - 2
bake - March 2015 - Bake - March 2015
bake - March 2015 - 2
bake - March 2015 - The Branding Issue - Lessons for All
bake - March 2015 - 4
bake - March 2015 - 5
bake - March 2015 - Table of Contents
bake - March 2015 - 7
bake - March 2015 - ClubRational grows to 65,000 members
bake - March 2015 - 9
bake - March 2015 - My Favorite Things
bake - March 2015 - 11
bake - March 2015 - Management - Develop Leaders Who Lead
bake - March 2015 - 13
bake - March 2015 - Legislation - Eliminating Trans Fats
bake - March 2015 - 15
bake - March 2015 - Food Safety - Packaging Matters
bake - March 2015 - 17
bake - March 2015 - Ingredients - Picking Winners
bake - March 2015 - 19
bake - March 2015 - 20
bake - March 2015 - 21
bake - March 2015 - Equipment - Saving Labor
bake - March 2015 - 23
bake - March 2015 - Making her couture cake and eating it too
bake - March 2015 - 25
bake - March 2015 - 26
bake - March 2015 - 27
bake - March 2015 - 28
bake - March 2015 - 29
bake - March 2015 - Creating a Brand of Excellence
bake - March 2015 - 31
bake - March 2015 - 32
bake - March 2015 - 33
bake - March 2015 - 34
bake - March 2015 - 35
bake - March 2015 - All About Promotions
bake - March 2015 - 37
bake - March 2015 - 38
bake - March 2015 - 39
bake - March 2015 - Change Your Culture
bake - March 2015 - 41
bake - March 2015 - 42
bake - March 2015 - 43
bake - March 2015 - Bread and Buns
bake - March 2015 - 45
bake - March 2015 - 46
bake - March 2015 - 47
bake - March 2015 - Imperial Desserts
bake - March 2015 - 49
bake - March 2015 - 50
bake - March 2015 - 51
bake - March 2015 - 2015 Wedding Trends
bake - March 2015 - 53
bake - March 2015 - Versatile Muffins
bake - March 2015 - 55
bake - March 2015 - Cafe - Get Gourmet With Breakfast Sandwiches
bake - March 2015 - 57
bake - March 2015 - Fruit-infused Teas
bake - March 2015 - 59
bake - March 2015 - Products
bake - March 2015 - Product Showcase
bake - March 2015 - Classifieds
bake - March 2015 - 63
bake - March 2015 - 64
bake - March 2015 - Ad Index
bake - March 2015 - Online - BakeMag.com
bake - March 2015 - 67
bake - March 2015 - 68
bake - March 2015 - 71
bake - March 2015 - 72
bake - March 2015 - PAN1
bake - March 2015 - PAN2
bake - March 2015 - PAN3
bake - March 2015 - PAN4
bake - March 2015 - PAN5
bake - March 2015 - PAN6
bake - March 2015 - PAN7
bake - March 2015 - PAN8
bake - March 2015 - PAN9
bake - March 2015 - PAN10
bake - March 2015 - PAN11
bake - March 2015 - PAN12
bake - March 2015 - PAN13
bake - March 2015 - PAN14
bake - March 2015 - PAN15
bake - March 2015 - PAN16
bake - March 2015 - PAN17
bake - March 2015 - PAN18
bake - March 2015 - PAN19
bake - March 2015 - PAN20
bake - March 2015 - PAN21
bake - March 2015 - PAN22
bake - March 2015 - PAN23
bake - March 2015 - PAN24
bake - March 2015 - PAN25
bake - March 2015 - PAN26
bake - March 2015 - PAN27
bake - March 2015 - PAN28
bake - March 2015 - PAN29
bake - March 2015 - PAN30
bake - March 2015 - PAN31
bake - March 2015 - PAN32
bake - March 2015 - PAN33
bake - March 2015 - PAN34
bake - March 2015 - PAN35
bake - March 2015 - PAN36
bake - March 2015 - PAN37
bake - March 2015 - PAN38
bake - March 2015 - PAN39
bake - March 2015 - PAN40
bake - March 2015 - PAN41
bake - March 2015 - PAN42
bake - March 2015 - PAN43
bake - March 2015 - PAN44
bake - March 2015 - PAN45
bake - March 2015 - PAN46
bake - March 2015 - PAN47
bake - March 2015 - PAN48
bake - March 2015 - PAN49
bake - March 2015 - PAN50
bake - March 2015 - PAN51
bake - March 2015 - PAN52
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