Originally published in the June 2013 print issue of Home Accents Today
Home Accents Today highlighted two key demographic groups, Hispanics and Singles, that are growing in importance to the home accessories industry. The Hispanic population is expected to grow 167% by the year 2050; compared with 1% growth rate for White, non-Hispanic and 56% for African Americans.
With such a tremendous growth rate, the potential buying power of the nation's Hispanics is expected to reach $1.5 trillion by 2015. While, non-married consumers currently comprise 52% of the U.S. population, outpacing married consumers at 48%, according to the latest figures from the U.S. Census Bureau. Since 1961, the percentage of one-person households has more than doubled, from 13.3% to 27.5% in 2011.
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