Informed Influencers and Powerful Purchasers
Asian Americans hold a unique and powerful position as both financial drivers and influencers in today’s digitally powered path to purchase. Frequently, Asian Americans’ consumer journeys begin with a recommendation or review from a friend or family member. In fact, Asian Americans are 50% more likely to use the internet and apps for consumer reviews than the general population. Additionally, Asian Americans are adept users of emerging technology, and they are much more likely to view content via digital platforms like subscription video on-demand (SVOD) and to make online purchases.
Due to Asian Americans’ proclivity for reviewing the products they purchase, a favorable experience can turn these consumers into brand loyalists with the power to influence their friends, families and entire consumer groups and product categories. This influence can be seen in the fact that products like sushi, Asian dumpling appetizers and naan bread have experienced at least 11% revenue growth over the past three years alone. The Asian American path to purchase is affected by a myriad of influences that are heavily rooted in cultural traditions as well as their cross-cultural identity. Understanding these drivers of behavior is essential for marketers to exercise empathy and establish real connections with Asian American consumers. Businesses face an imperative to reach these consumers, who wield $1 trillion in annual buying power, in order to drive future growth.