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The larger-than-expected increase in the U.S. Hispanic population revealed by the 2010 census will mean increased consumption of private label products by that important demographic group, says Dr. Felipe Korzenny, market researcher and teacher at
To reach the Hispanic market with private label offerings, retailers need to position themselves in the minds of these consumers as real brand alternative rather than as simply lower-cost but inferior quality options, he says.
The estimated growth of the U.S. Hispanic population in the last 10 years is 600,000 more than previously forecast, according to data found in the 2010 Census. States such as
Some retailers already are reaching out to Hispanics with their private label marketing, a second Hispanic expert notes. “Another dynamic that adds to the potential of the private label market is the magnitude of on-going marketing efforts put behind private labels by retail grocery outlets; this, supported by the significant population growth equals a tremendous upside,” says Roberto Orci, CEO and president of Acento Advertising.