Hass Avocado Board Study Reveals Avocado Purchases Increase Overall Sales
MISSION VIEJO, CA - It appears that retailers can benefit more from the growth of avocados than they realized, and not just by how many avocados they ring up.
Hass Avocado Board’s new study Keys to the Cart: Driving Hass Avocado Sales at Retail has linked avocados in the retail market basket to higher spending overall.
“While avocados are clearly a standout category, the retailer benefits of stocking avocados extend well beyond the category itself,” Emiliano Escobedo, Executive Director of the Hass Avocado Board, said in a press release. “The insight into these high-value shoppers is helpful for marketing and merchandising in today’s shopper-centric environment.”
According to the findings, shoppers spend +65% more in-store overall when avocados are in the basket, and millennial shoppers spend +73% more in-store overall when avocados are in the basket.
“The study identifies some key segments that drive current category growth, and also builds an awareness of where opportunities may be stronger for future growth,” Escobedo explained.
Other highlights found included:
- Bagged only buyers (only purchase bagged avocados) have the highest avocado market basket at $137.93
- “Both” buyers (buying both bagged and bulk avocados) also drive a higher-than-average avocado basket at $81.22.
- Avocado market basket for bulk only buyers is slightly below the average at $61.57.
- Millennial households are more likely to buy avocados and spend more on avocados than non-millennials.
- Millennials spend +22% more per occasion.
- Millennial baskets with avocados are $76.36.
- This is +$8.74 above the average basket with avocados and +$10.08 greater than non-millennial baskets with avocados.
For avocado buyers in specific geographic regions, the study found that there is a higher retail market basket with avocados in emerging regions (Aggregate of Midsouth, Great Lakes, Northeast, Plains and Southeast) than in developed regions (Aggregate of California, West and South Central).
“The study, based on IRI household panel data, yields actionable insights into how high-value shoppers, such as millennials, are driving the category by purchasing avocados more frequently and spending more each time,” Escobedo said. “Equally as interesting is how regional segmentation sheds light on areas that may be poised to deliver the next big wave of category growth.”
In fact, according to the release, Emerging regions were +$1.49 above the national average at $69.11, however, this region is also seeing a faster increase rate for annual avocado spending that the rest of the U.S.
You can learn more about the impact avocados make on the value of retail market baskets by reading the full report at hassavocadoboard.com/retail.