Latinos are key players when it comes to food product purchasing power, including dairy products. They also play strong roles when it comes to pet store spending. They’re willing to spend for food. Data from the HIS Global Insight Groups reveals Hispanics spent $103 billion on food at home. This is expected to grow 35 percent over the next five years, compared to 20 percent growth among non-Hispanics.
What’s more, Hispanic pet owners are more likely than average to buy pet products at PetSmart, Petco or even drugstores and convenience stores. Increasing marketers’ challenges is that, in general, Latinos are less brand loyal that non-Hispanics. However, pet health plays a big role in Hispanic decision making.
Source: Hoard’s Dairyman, January 30, 2017.
When it comes to dairy products, Castro shared recently released data from Nielsen showing that Hispanics contributed to $6 billion in dairy sales in 2016. That’s 12 percent of total U.S. sales in the $50 billion dairy category.
Also see: Petfood Industry, December 7, 2016.
Although product prices may be more strongly front-of-mind for Hispanic pet owners, health considerations remain a major component in their selection of pet foods.
INSIGHTS: As our markets expand, these articles demonstrate we have more in common with others than we have differences. Budget-consciousness crosses all populations. But with Latinos making up most new pet owners, retailers, veterinary clinics and animal health pros in general, should learn as much as we can about all new market populations.