Will that be cash or credit?
The way people pay for their purchases is a key component in their actual purchasing decisions. And for Asian-Americans, there is a strong affinity for credit cards.
In fact, according to Nielsen’s recent Asian-Americans: Culturally Connected and Forging the Future report, 88% of Asian-Americans own a credit card—22% higher than the general U.S. population. Additionally, 81% have an individual checking account, 67% own a loyalty card and 66% have an individual debit card.
Rewards-based credit cards are particularly popular among Asian-Americans, as ownership of these cards far outpaces the general population and other multicultural cardholders. Fifty-nine percent of Asian-Americans use credit cards that offer cash-back rewards on purchases, compared with 49% of total consumers.
Earning travel or airline miles based on purchases is particularly influential for Asian-Americans, as one-third own these types of cards, compared to 16% of total U.S. consumers. Because 79% of Asian-American adults are foreign born, many of their extended families often live in other countries. As a result, Asian-Americans make more travel purchases on an annual basis than the total population, particularly with airline tickets. Asian-Americans make about two more airline travel purchases annually – outpacing the airline travel purchases of the general population. Furthermore, 82% of Asian-Americans use a credit card to pay for these flights, which is 11% higher than the general U.S. population.
Marketers looking to establish a deeper connection with Asian-Americans should consider cross-promotional opportunities with loyalty rewards.
Other findings in the recent report include:
For more detail and insight, download Nielsen’s Asian-Americans: Culturally Connected and Forging the Future Report.