Nielsen recently released the State of the Asian American Consumer: Growing Market, Growing Impact. This inaugural report, which focuses on media consumption and buying behaviors, reveals that understanding the psychographic profile of Asian-Americans and reaching this group through in-culture and in-language vehicles can be good for business. Asian Americans have shown growth rates of more than 50 percent since the year 2000, the highest of any multicultural segment in the U.S. according to the U.S. Census 2010. The report aims to provide U.S. marketers, with substantial information they can use to tap into the expanding growth opportunities with Asian-American consumers.
Key insights from the report include:
- The Asian-American population, currently at 18.2 million, has grown at double-digit rates in 49 of the 50 states from 2000 to 2010.
- Asian-American buying power is currently $718 billion and is estimated to reach $1 trillion by 2017. If Asian-Americans were a country, it would be the 18th largest economy in the world.
- 28 percent of Asian-American households have incomes greater than $100,000 compared to 18 percent of total U.S. households.
- 50 percent of Asian-Americans, 25 and older have a Bachelor's degree compared to 28 percent of total population. 20 percent of Asian-Americans own smartphones.
- Asian-Americans visit computer and consumer electronics websites 36 percent more often, spend 72 percent more time and visit 84 percent more pages than the total population.
- Top rated television programing for Asian-Americans: participation variety, award ceremonies, evening animation/sporting events and general variety and quiz panels.
- Asian-Americans over index on household purchases such as fresh produce; dried vegetables and grains; baby food and supplies; and photographic supplies.
- Asian-Americans make more annual shopping trips, but spend less per trip than non-Hispanic Whites.