Consider the supermarket shelves that carry multicultural products such as Campbell Hispanic-style Fiesta soup, sushi platters, wasabi and seven different taco salsas. Burger King and McDonald's sell their millions of burritos to somebody!
EXAMPLE OF NEW MARKETING TRENDS
In July 2001, Campbell's Soup Company announced a program to recreate the company and restore its growth track. In practice this included introduction of new ethnic product lines. Campbell's new Select Harvest (R) Mexican-Style Chicken Tortilla Soup was the principal new introduction that followed this reinvention.
It was a smart move. Select Harvest (R) soups were ranked the top new food and beverage product of 2009, according to a report released by Information Resources Inc. (IRI). IRI's annual New Product Pacesetters (TM) report showcases the most innovative and successful new products of the year in the consumer packaged goods industry. According to the IRI report, Campbell's Select Harvest soups generated $202 million in sales in its first year on the market.
MarketResearch.com recently published a report concluding that consumer spending by Hispanics in the United States increased $140 billion over the last five years. Based on this number, the purchasing power of Hispanic households is $766 billion and could rise to $1 trillion by...
According to the company, Hispanic consumers accounted for 15.6% of the increase in spending for goods and services over the last five years. They also were responsible for a 35% increase in furniture sales and a 48% boost in cereal.
AN ADDITIONAL DEMOGRAPHIC TREND
Generation X, (Gen X), arrived after the baby boom ended, from 1964 to the latest 1981, are demonstrably a different demographic than their parents. They have different career paths, as over 25% fit in the category "self-employed professionals." They are the best educated generation, and they are slower to marry and start families. They value home life, but their preferences in housing are different from the baby boomers. Many stayed at home, and most rent. They are a force to reckon with, yet have been largely overshadowed by their parents.
REFERENCES
Poverty Status of People by Family Relationship, Race, and Hispanic Origin: 1959 to 2006. U.S.
Census Bureau Web site. www.census.gov/hhes/www/poverty/histpov/hstpov2.html. Accessed March 26, 2010.
Toosi M. Labor force projections to 2016: more workers in their golden years. Mon Labor Rev.
2007; 130(11).
Woolf SW. Future health consequences of the current decline in U.S. household income. JAMA.
2007; 298(16):1931 -- 1933.
