ThinkNow released a new Latino Brand Authenticity Report 2019 on U.S. Hispanics buying habits of Latin American food and beverage brands. The study found that it’s most important for Latin American brands to have a great tasting product to attract the hearts and minds of U.S. Hispanic consumers.Among the key findings include:
• Almost 60 percent of U.S. Hispanics are more interested in products because they are from Latin America compared to 43 percent of total market. One-third cited connec-tion to their culture and heritage as why they’re more interested in these products.
• Bilingual packaging makes little difference in purchase intent and 57 percent of U.S. Hispanics say it makes no difference. This is primarily due to English becoming the dominant language for later immigrant generations.
• Authenticity does not need to be linked to country of origin such as Latin America. Almost one-third (27 percent) of U.S. Hispanic consumers care more about original ingredients and non-GMO as being authentic compared to 33 percent of total market.
• The number one driver of Latin American brands is a great tasting product at 86 percent of U.S. Hispanics followed by brands that their family enjoys at 78 percent.
“Our research found that U.S. Hispanics are interested in brands from Latin America,” says Mario X. Carrasco, co-founder and principle, ThinkNow. “However, Latin American brands trying to expand to the U.S. need to focus on taste as authenticity does not need to be linked to country of origin.”
The U.S. Hispanic population is expected to reach 111 million by 2060, according to the Census Bureau. The purchasing power of U.S. Hispanics is projected to near $1.72 trillion by 2020 as cited in a University of Georgia Multicultural Economy Report.
To download report CLICK HERE.