Maximizing the Hispanic Market Opportunity for Total Growth
LAS VEGAS -- Hispanic millennial moms are more likely than white, non-Hispanic moms to cook from scratch, but the former do turn to prepared foods in case of "emergencies." Given the hectic pace of millennial moms in general, it’s understandable that these "emergencies" are occurring with increasing frequency.
Retailers and marketers should give consideration to this notion, according to Carlos Santiago, president and chief strategist of the Santiago Solutions Group, a strategic growth consultancy based in Burbank, Calif. He presented during last week’s ninth annual Hispanic Retail 360 Summit, held in Las Vegas.
Total market growth hinges on "double plays" where "connectors" and "nuances" come together, Santiago said. Connectors are themes common to Millennial Hispanics, such as family dinner, traditional dishes and fresh, healthy ingredients. Nuance is taking the elements of some of those connectors and adding or expanding -- not taking away from the traditional, but perhaps spinning it a bit.
Rice, for example, might be replaced by quinoa or couscous in what is otherwise a traditional dish, he explained. In the mainstream market, the same is happening as potato chips and dip have been replaced by pita and hummus, or tortilla chips and guacamole.
Nuance also comes into play with convenience foods, which Santiago Solutions Group research shows resonate with Hispanic millennial women if the products are of good quality and taste, and her family can’t tell she didn’t prepare the food herself.
Retailers have an opportunity to drive double plays – thus driving total market growth -- by doing the following:
- Communicating their connectedness to the family meal;
- Helping provide solutions and planning around meals -- not just with ingredients for a more convenient meal, but with prepared meals themselves; and
- Acknowledging the rising popularity of Hispanic cuisine across the entire population and how that might affect acceptable new approaches to traditional family dishes.
The Hispanic Retail 360 Summit is produced by Stagnito Media, parent company of Convenience Store News.