Three consumer groups are emerging as critical target segments for CPG manufacturers and retailers: families with young children, Hispanic consumers and lower-income consumers.
As the Echo-Boom enters parenthood, the population of households with young children (i.e., children under the age of 12) is climbing quickly. This group grows up with challenges which have not been faced by earlier generations- for example, the obesity epidemic- which will largely rule their shopping behavior for the foreseeable future and play a major role in the development of buying and eating habits that will last a lifetime.
The Hispanic population is a force to be reckoned with. No other population in history has demonstrated such growth, both in terms of sheer number and spending power. And the ethnic diversity within the Hispanic population brings a whole new level of complexity to any attempt to serve the market.
Lower-income households, “Getting By” consumers, struggle to meet basic needs on a very tight budget. Value, by necessity, is the prime driver of shopping behavior within this consumer segment. Lower-income households are perhaps the most under-served segment in retail today.
This month’s report analyzes shopping and purchase trends across these three emerging segments and highlights specific growth opportunities for each.