Marketers surely couldn’t miss the news reports earlier this summer that proclaimed Asian Americans to be the fast growing immigrant group in the U.S. While Asian-Americans comprise only 5.8% of the population, they possess tremendous spending power. Researchers point out that on a per capita basis, Asian-American spend more than Hispanics or African-Americans so marketers should be fine-tuning their plans to target this group.
Distinctive characteristics of this group range from high rates of education, 49% possess at least a bachelor’s degree, to high household income, an average of $66,000. In addition, the rate of home ownership among Asian Americans is 63.5%, which is higher than other minority groups. These consumers are also family oriented and 62% believe the conditions in the U.S. are better for raising children than in their native countries.
Of course, the Asian-American population is comprised of a diverse consumer group and they hail from many different countries. But they do exhibit similarities with respect to shopping:
- They are highly active online
- They seek deals and use coupons
- They shop frequently, but spend less than other consumers during each trip
- They appreciate positivity, not rank humor in ads
- They spend more than average on fruit, baby items and personal care products
Marketers that pay attention to these details and target Asian Americans can reap the rewards of the high spending rates associated with this demographic group.[Sources: Duggan, Bill. Marketing to Asian Americans. Ana.net. 21 May 2012. Web. Jul. 2012; The Rise of Asian Americans. PewSocialTrends.org. 19 Jun. 2012. Web. 12 Jul. 2012]