African-Americans and Hispanics have been the target of separate ad budgets and campaigns for a while now. But there’s a new kid on the block. The Asian-American demographic is growing rapidly. In addition, this demographic group has a unique feature that many marketers desire — higher than average household income.
With more than 15 million Asian-Americans living in the U.S., demographers say this is the fastest-growing minority group and it now accounts for 5.8% of our population. The top countries represented by Asian-Americans are China, India, Philippines, Vietnam, Korea and Japan. Marketers will want to know that the foreign-born rate is highest among Chinese-Americans. 76% of the members of is subgroup are first-generation immigrants.
Asian-Americans have a median household income of $63,420, but 28% have income that exceeds $100,000. These consumers enjoy spending their disposable income and they're especially adept at using technology to find what they’re looking for. At least 70% of these consumers have smartphones. And, they use smartphones and other connected devices to view Web pages at a much higher rate than average consumers.
Businesses that sell baby food, dried grains, and cold juice should make a point of targeting Asian-Americans who over-index on these categories. These consumers also go to the store more frequently than other groups and make great candidates for repeat targeting.
To learn more about Asian-Americans, check out the Audience Interests & Intent report available on the Research Store at ad-ology.com.[Sources: State of the Asian American Consumer. Nielsen. 2012. Web. 25 Nov. 2012; Semple, Kirk. In a Shift, Biggest Wave of Migrants. NYTimes.com. 19 Jun. 2012. Web. 29 Nov. 2012]