Between 1998-2003, Hispanics were responsible for more than one-third (34.6%) of the growth in expenditures for furniture

Read more abut the economic impact of the Hispanic population in this month's issue of RTO Magazine

Hispanics in the United States, the fastest-growing minority group, are increasingly the major driving force behind revenue growth in many consumer product and service markets, according to The U.S. Hispanic Market, a new report from market research publisher Packaged Facts, a division of MarketResearch.com.

Hispanics were responsible for 15.6% of the growth in aggregate consumer expenditures that occurred between 1998 and 2003, the report noted. Total spending by Hispanic households increased by $140 billion during this period. Looking at specific markets, the report found that, between 1998-2003, Hispanics were responsible for more than one-third (34.6%) of the growth in expenditures for furniture.

Packaged Facts estimates that the buying power of the Hispanic market is currently $766 billion, and will approach $1.1 trillion by 2010.

"Although much has been written about the exploding Hispanic population in the U.S., we're only now starting to appreciate the true impact this growth is having in the marketplace," said Don Montuori, publisher of Packaged Facts. "Hispanics will account for one-sixth of the U.S. population by 2010, and no company can afford to overlook these consumers."