Wednesday, August 1, 2012
Meals at Home Gain Renewed Importance for American Families Post-Recession
Even the food and beverage industry wasn’t immune to this economic scourge, as consumers sought less costly alternatives to the products and brands they loyally purchased in better times. Restaurant foot traffic declined. Fast food dollar menus got more creative. While various incarnations of 2 for $20 meal deals appeared in seemingly every casual dining restaurant chain nationwide.
For food retail manufacturers, Hispanic households will be a key entry point for sustained sales and growth. Hispanics have tremendous buying power and traditionally place importance on home and family. According to the report, Hispanics are responsible for 13% of aggregate food expenditures. During the peak period of the recession between 2007-2010, Hispanic share of food-at-home expenditures increased by 22%, out pacing figures for non-Hispanics. There’s no reason to believe this upward trend won’t continue.