Market Trends of Mexico Home Furniture Industry
Growing Urbanization is Driving Home Furniture Market in Mexico
The rising urban population in Mexico increases the demand for home furniture. The urbanization of the population is expected to increase the sale of smart furniture, including luxury home furniture. Urbanization plays an important role in driving the demand for various products, as more people moving toward urban areas leads to changes in their lifestyles and standards of living. It, in turn, significantly drives the home furniture demand.
The current demand for basic furniture is driven by one key segment of the population - a rapidly urbanizing population of young people. Similarly, the projected future demand for smart and luxury furniture is driven by the same factor. The growing urban population and their willingness to pay more for premium products may significantly impact the market's growth in the next five years.
A New Financing Program for Mexican Furniture Manufacturers is Driving the Market
Furniture manufacturing industry is one of the major industry in Mexico with the increasing demand for household and office furniture in the domestic market. Other countries where demand is growing steadily include Canada, the United Kingdom, Spain, and neighbors like Guatemala.
Stenn launched "Made in Mexico!", a special fast financing program for Mexican furniture manufacturers and exporters, to drive growth and assist Mexican businesses in overcoming the post-covid crisis. The program, supported by a pool of well-known investors with a USD 500 million reserve, aims to assist companies in unfreezing working capital and avoiding deferred payments with pending invoices.
Stenn is dedicated to closing the financing gap and providing working capital where it is most needed. By leveraging the promise of digitalization, automation, and blockchain technology, it can assist SMEs throughout Mexico, bypassing antiquated banks and profiting from lower costs, reduced transaction speed, reliability, safety, and flexibility.
