Updated with the most recent U.S. Census Bureau data, The Food Institute's Demographics of Consumer Food Spending 2012 Edition contains more than 170 pages of invaluable data for any marketer of consumer goods.
The questions that CPG companies and restaurants should be asking when considering target markets and consumers' willingness to spend can be answered by the information included within the publication and is readily available in an organized format. One of the multiple books available in The Food Institute's suite of products, the Demographics of Consumer Food Spending 2012 Edition fits within any marketer's library and offers direct, actionable information that both reflects current demographic compositions in the U.S. and provides a forecast for the future based on measurable trends.
While it will surprise no one that consumers spent less money for the third consecutive year in 2010, where that money was spent is not as obvious. While the average consumer spent $1 more on fresh vegetables, they spent $14 more on processed vegetables—suggesting that the frugal consumer will purchase the product with the longer shelf life. And while the data may confirm some assumptions that consumers in the Western region of the U.S. spent 2.3 percent more of their food budget on fresh fruit and 1.2 percent more on fresh vegetables than consumers in the Northeast, those aged 25 to 34 spent 0.5 percent more of their total budget on fruits and vegetables than their Western counterparts. With the Demographics of Consumer Food Spending 2012 Edition, no one need rely on conjecture when evaluating their customer base.
Recent census data also reported that the Asian population in the U.S. grew by 46 percent to total 14.7 million between 2000 and 2010, more than any other major race group. The Asian population was largest in California at 5.6 million, followed by New York at 1.6 million. Where are those consumers spending their food budgets? Do they purchase more food for consumption at home more than any other ethnic group? Which types of meats do they typically buy? These and other detailed questions can easily be answered by the latest version of The Food Institute's intuitive publication.
Population data is broken down into age, region, pre-tax income, occupation, gender and household composition, among other segments, and cross-referenced among categories to give the most complete picture of the diverse households in the U.S.
The Food Institute's Demographics of Consumer Food Spending 2012 Edition is now available in both physical and digital form and at multiple price points to fit any budget. The extensive data is assembled in multiple forms to offer visual representations of the changing demographic landscape in the U.S. Simply scanning over the contents will provide a detailed look of consumer spending faster than one could be communicated in any other medium.
Whether it is the first tool applied or the last, the Demographics of Consumer Food Spending 2012 Edition will make an immense contribution to any market research endeavor. Books can be ordered online by visiting www.foodinstitute.com/demographics.cfm or by contacting Sue Antista at [email protected] or 201-791-5570 x212 for more information.
Source: The Food Institute