The United States received the name “the melting pot” in the 18th century by welcoming a diverse mixture of people into the country and melding them into one common culture. However, some would prefer to use the metaphor of a mosaic or salad bowl, which represents a number of different cultures yet retains the distinctions between them. Likewise, many consumer packaged goods (CPG) companies invest a lot of time and research into learning about their consumers and how their ethnicities, genders, values and geographic locations impact their shopping decisions. As a result, companies have the opportunity to strengthen their marketing programs to better reach these consumers.
The marketing preferences for some of these demographics reflect the general population, but other groups stand out from the crowd. For instance, Hispanics are the fastest-growing consumer group in the United States, making up 16 percent of the population, Chicago-based SymphonyIRI Group reports. The segment grew 43 percent in the last 10 years, spends nearly 8 percent more on CPGs than any other race, and is expected to hold $1.3 trillion in purchasing power this year, the market research firm adds.