Economy

economy-rising

A rising economy

With a successful economy comes an acceptance and a willingness to try different ingredients and cuisines. People want to try different restaurants with variety of tastes. Good economy= more disposable income.

Consumers want to experiment various ingredients, mixes, and styles from different ethnic cultures especially with more disposable income. They may try more expensive restaurants, which is where many people usually try ethnic foods first, that has a growing menu that includes a variety of different flavors and tastes.

With restaurants as being the base of individuals trying out and eating ethnic cuisines, it appears that the food market is catering to the tastes and wants of the Americans. They want to discover and eat more ethnic foods so, some chefs are trying to cater to American’s wants of something “new and exciting”. One chef named Makoto Tanaka, who owns the restaurant Mako in Beverly Hills, commented, “There are so many different kinds of Asian vegetables… people are looking for something different”. Some are introducing lesser known Asian vegetables such as choy sum and dau mui.

People may even want to bring the ethnic food experience home, in which ethnic supermarkets come into play. According to IBISWorld, as of November 2015, the revenue for the ethnic supermarket industry is 4 billion and with annual growth from 2010-2015 being 3.4 %. Hispanics and Asians have the largest market segments due to their expanding populations, and within the past decade Asian population has grown 43.4% and Hispanics 43.0%. With an increase in consumer base comes an increase in revenue. This means with both Asian and Hispanic populations growing in the US and disposable income improving in the economy, more people will demand for cultural foods. With consumers having an increase disposable income, IBISWorld an increase annually of 2.5% to 31.6 billion in the next five years on ethnic supermarket industry revenue (IBISWorld).