The Hispanic Market in the Furniture Business

Hispanic population in the U.S. are growing at very rapid pace. According with the Bureau of the Census by 2010, Hispanics will be 15 % of the total U.S. population, by 2030 close to 20 %, and by 2050 they will represent one fourth of entire U.S. With more than 40 millions, Hispanics are the largest racial or ethnic minority in the United States. Even more, today, the U.S. has the world’s fifth largest Hispanic population, after Mexico, Colombia, Spain and Argentina. This is a good reason why almost every Consumer Market Association agreed to recognize the potential of the Hispanic market. Here are some samples of this market potential: Hispanic buying power in 2003 was $ 653 billions; average Hispanic household income in 2002 was $ 45000; 41 % of Hispanic households were solidly middle class in 2002, with incomes between $ 35.000 and $ 99.000. The Furniture industry didn’t stay behind and started increase its investing in this rapidly growing Furniture consumer market. Spanish names in Furniture Collections belong to well known Furniture Manufacturers or Furniture Retailers and branded names partnerships with famous Hispanic celebrities, are just few samples of that effort from the Furniture Industry. The biggest chunk of this Hispanic buying power stay in California; $190 billion. Of course most of that in Southern California, specially cities like Los Angeles, San Francisco, San Diego, etc. Los Angeles is the second city ( just after Mexico City ) with more Mexicans or Mexican-Americans living there. Latin culture big foundation is family and friends, and they are concerned about spend quality time with them in Home.
“Mi casa es su casa”.

Extracted from Los Angeles Furniture Magazine