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Hispanic market profile Reach the fastest-growing segment of the foodservice industry! El Restaurante Mexicano is the only bilingual, circulation-audited magazine in the U.S. for Mexican, Tex-Mex, Southwestern and Latino restaurants nationwide. "If you get into the Hispanic market before your competition, or do more than the competition is doing today, advertisers can have the type of relationship with the Hispanic market they could only dream about in the general market. And they can do it cheaper than they can in the general market because the audience isn't as fragmented."
The market for ethnic frozen foods reached $2.2 billion in 2001, the last year of complete figures, according to the American Frozen Food Institute. The biggest market is for Italian food, totaling $1.28 billion in 2001, up 6.1 percent from 2000. But Mexican frozen food sales grew 20.6 percent, to $488 million.
According to the U.S. Census Bureau, the Hispanic population in the U.S. has increased by 9.8 percent from the April 2000 census figures.
Hispanics spend about 27percent more on fast food per household than the rest of the country. The report forecasts
fast food purchases by Latinos will grow 7.7 percent per year over the next 10 years, double the rate of growth by
other consumers.
U.S. Hispanic buying power is expected to reach $926 billion in 2007, up some 60 percent from $580.5 billion in 2002.
Non-Hispanic buying power will grow less than 28 percent, to $8.9 trillion. The number of Hispanic-owned eating and drinking establishments more than doubled between 1987 and 1997, and grew 3-1/2 times as fast as all restaurants between 1992 to 1997
The Hispanic population is growing in all areas of the countryincluding the East, Southeast and Midwestoffering untapped opportunities for vendors. New York, Philadelphia, Boston, Miami and Washington, D.C. are among the top 20 U.S. Hispanic Markets
The Hispanic population in North Carolina has increased faster than in the rest of the U.S.
In Detroit, Mich., the number of Hispanics jumped from 28,473 in 1990 to 47,167 in 2000, with the number of Mexicans there almost doubling during the same decade from 17,655 to 33,143.
Restaurants are one of the favored industries for Hispanics starting their own businesses. They're popular because Hispanic culture is attuned to food, the business is fairly easy to grasp, and it's usually easy to find a location in which to open a restaurant. The Hispanic market continues to be defined by language. Even among Hispanics born in the U.S., 59% of those surveyed say Spanish is the first language they learned. And nationally, 64% of Hispanics feel most comfortable speaking Spanish. | ||
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