CHICAGO -- Latinos currently comprise 17% of the total U.S. population, and the Latino population and its spending power are on the rise. With greater incomes, Latinos are visiting restaurants more often and broadening the types of restaurants they visit compared to two years ago, according to Technomic’s new Hispanic Foodservice Consumer Trend Report.
Three-fifths (62%) of Latinos expect their personal financial situation to improve in the next year, with 35% of these consumers saying it will improve slightly, according to the report.
Inclusive marketing messages and loyalty or rewards programs can help drive visitation from Latinos, the report shows. Two-fifths (41%) of Latinos and 54% of Spanish-dominant Latinos say that they are now more likely to visit restaurants that publicly support Latinos. About half (49%) of Latinos say loyalty or rewards programs encourage them to visit a specific restaurant over another, up from 42% in 2015.
“While there is now more opportunity to drive traffic and sales among Latinos, their broadening consideration set will create increased competition for their foodservice dollars,” said Anne Mills, manager of consumer insights at Technomic, a Winsight company based in Chicago.
“Keeping abreast of how the Latino population is evolving, and how this impacts their patronage, need states and preferences, will help create menu, product and marketing strategies that effectively resonate with this young consumer base," Mills said.
The 2017 Hispanic Foodservice Consumer Trend Report compiles findings from 1,200 Latinos, as well as Technomic’s Digital Resource Library and MenuMonitor.
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