The Hispanic community is the fastest-growing ethnic group in the nation and spends more than $94.7 billion on CPG products annually, according to a report released by IRI, Chicago. The study, “Hispanics and New Product Pacesetters,” reveals how CPG marketers have a great opportunity to capture more shopping dollars from Hispanic consumers.

“By 2020, Hispanics will account for over half of the population growth in the United States, and their spending power will also increase significantly,” says Susan Viamari, vice president of thought leadership. “Unfortunately, most marketers don’t have easy access to detailed information on what Hispanic shoppers are buying, including in key CPG categories. This significantly limits new growth opportunities for brands, so we examined what Hispanics are buying and even why they are buying products to help marketers engage with these very important consumers.”

While Hispanic buying power is concentrated in select markets, including New Mexico, Texas, California, Florida, Nevada, Colorado, New Jersey, New York and Illinois, their interest in new products is spread across retail departments. Among those consumers who consider themselves avid new product adopters, there is a particular interest in the following departments: 26% English-speaking Hispanics, 29% bilingual Hispanics, 25% Spanish-speaking Hispanics and 23% non-Hispanics for food and 19% English-speaking Hispanics, 20% bilingual Hispanics, 13% Spanish-speaking Hispanics and 16% non-Hispanics for beverages.