FOODSERVICE Category Trends + Insights from
currently represent 18 percent of the total U.S. population. While Hispanics will be a very large and growing group, Asians are one of the fastest-growing ethnic populations, currently representing 8 percent of the U.S. population. Further, the millennial generation is more diverse than the generations that preceded them, with 44 percent being part of a minority race or ethnic group.
If past trends continue to hold, it’s unlikely that recovery from the Great Recession will lead to a rebound in the share of adults in middle-income households. Since the middle class has historically fueled spending on everything from housing to cars to food purchasing, a smaller middle class has wide-ranging impact on the economy. Even more diverse than millennials are the youngest Americans — those younger than five years of age. In 2014, this group became majority-minority for the first time, with 50 percent being part of a minority race or ethnic group. ShRInkIng mIDDlE ClASS IS pARt OF thE nEw ECOnOmIC nORm
The share of the American population that is considered middle income has been shrinking over the last four decades. In the past, those in the middle income group typically moved up into higher income levels, but the opposite is true now. Declining or stagnant wages coupled with a growing income gap during the past 15 years has resulted in many families slipping out of the middle class. If past trends continue to hold, it’s unlikely that recovery from the Great Recession will lead to a rebound in the share of adults in middle-income households. Since the middle class has historically fueled spending on everything from housing to cars to food purchasing, a smaller middle class has wideranging impact on the economy.
ShIFtIng ChAngES CREAtE OppORtunItIES
This overview presents just a few of the changing consumer dynamics that will shape the retail marketplace in the future — both near and long term. Convenience store operators need to be aware of changes in consumer behaviors in order to modify their marketing tactics and strategies, and meet the needs and wants of today’s consumers. CSn
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y 2044, the U.S. Census Bureau projects more than half of all Americans will belong to a minority group. The Hispanic population has surpassed 55 million and accounted for more than half of the last decade’s population increase. Asians are one of the fastest-growing groups and currently represent 8 percent of the U.S. population.
Source: U.S. Census Bureau
Shrinking Middle Class The share of adults who live in middle-income households has eroded over time from 61 percent in 1970 to 51 percent in 2013, according to a Pew Research Center study. Stagnant wages and a growing income gap during the past 15 years have caused many families to slip out of the middle class.
Source: Pew Research Center
60 Convenience Store News | MARCH 2016 | WWW.CSNEWS.COM