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01 August 2022 / Article
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This is one of a series of insight papers drawn from our latest wave of research into Multicultural Consumers in North America. For more insights into this topic, please visit: https://www.conference-board.org/topics/multicultural-consumer |
When, where, and what we eat has been an ever-changing crockpot over the last 24 months as isolation at home, remote work, closed or reinvented restaurants, food availability, and now 41-year-high inflation have changed our behaviors, reformed our habits, and refined our skills. However, our tastes, needs, and expectations still lead us to seek wonderful food experiences.
In our latest Multicultural Consumer Survey in May 2022, we asked about the behavior of different ethnic groups in their approach to food.
For US consumers, eating is a business that takes in over $1.8 trillion a year,[1] and what we eat is often the baseline for how else we spend our money.
COVID-19 greatly affected that spending, creating new at-home habits (cooking, breakfasting, snacking, e-commerce, etc.). But as the US opened up again in 2021, consumers returned to eating away from home (restaurants, cafés, schools, hospitality, etc.) while also carrying over some of their pandemic habits.
The net result of these changes is that we predict growth in the food sector, and much of that growth will be driven by higher prices and growing multicultural audiences through simple demographic and income-based forecasts.
The Conference Board research into the topic of food, made possible by a grant from General Mills, is based on an online survey of 2,000 US consumers with Asian, African American/Black, Hispanic/Latino, and White (Non-Hispanic/Latino) heritage, conducted in May 2022
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