Asian-Americans are diverse, spanning the languages and cultural traditions of more than 40 different ethnicities. They lead the U.S. population, on a per household basis for expenditures and usage, in a number of consumer categories, from food and travel to baby products, mobile digital devices and social media. They are the most affluent (by median household income) of all major ethnic groups in the U.S., including non-Hispanic Whites, and are more highly educated than any other group. Their visibility within entertainment is increasing in Hollywood and beyond. However, we cannot generalize this unique, diverse segment and must seek to better understand a more disaggregated view in order to understand their consumption behaviors.
Young, empowered and growing, Asian-Americans’ economic clout will continue to expand. Understanding how to connect with this vibrant and multifaceted consumer group in today’s multicultural American mainstream will shape the strategies necessary to succeed now and in the future.
U.S. Census projections show that by 2055, Asian-Americans will pass Hispanics as the largest immigrant group in the U.S. Driven primarily by emigration from China and India, net immigration of Asians into the U.S. has exceeded immigration of all other races and ethnicities since 2013.