{"id":16418,"date":"2013-12-08T19:12:42","date_gmt":"2013-12-08T19:12:42","guid":{"rendered":""},"modified":"2013-12-08T19:12:42","modified_gmt":"2013-12-08T19:12:42","slug":"Asian-Americans-buying-power-is-still-on-the-rise","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=16418","title":{"rendered":"Asian Americans’ buying power is still on the rise"},"content":{"rendered":"

Asian American households outspend median US households by an average of 19 percent, and earn 28 percent more on average than the US median income, according to a consumer report released by Nielsen this week.<\/strong> As early adopters of new technologies, they also lead in high-speed Internet access, mobile connectivity, use of social media and in the number of internet pages viewed each month.<\/p>\n

“With a relatively low cost of entry and a potentially high return on investment, the Asian American market represents a significant growth opportunity for the nation’s businesses that sell goods and services,” reported Nielsen, which provides information about consumers in more than 100 countries. “While population growth in the non-Hispanic White segment is slowing, Asian American consumers provide growth opportunity to your business by appealing to a consumer base that is growing, affluent, well-educated, geographically concentrated, technologically savvy and has tremendous buying power that continues to soar.”
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\nThe Asian American population<\/strong>, which includes people with origins in China, Japan, South Korea, Vietnam and several other countries, has experienced a 51 percent jump in size since 2000,<\/strong> but while growth of the Hispanic population has been due to in-country births, the Asian American population has grown largely in part due to steady immigration. Three out of four Asian Americans are foreign-born, with 76 percent of Chinese not born in the US.<\/p>\n

Chinese are the largest segment of the Asian American population, at 22 percent, and Indian Americans follow at 19 percent.<\/p>\n

Additionally, the median Asian American household has grown 97 percent since 2000, with 28 percent of Asian American households reporting an income of more than $100,000.<\/strong> In comparison, 18 percent of US households report the same.<\/p>\n

As the leading online shoppers, 77 percent of Asian Americans shopped online last year with an average of $2,500 spent, compared to 61 percent of all Americans, who averaged about half in spending online.<\/p>\n

Asian Americans are also blurring the lines between traditional and emerging media, playing a major role in the use of new technologies,<\/strong> Nielsen said. This is in part because mobile usage in Asia is 76 percent, and leads the world in broadband usage.<\/p>\n

A major unifying factor among “Asian values” is a focus on family, with 54 percent of Asian Americans reporting that a successful marriage is one of the most important values in life; 34 percent of the general population reported the same.<\/p>\n

Buying power in the Asian American demographic was $718.4 billion in 2012, and is expected to top $1 trillion by 2017, according to Nielsen.<\/p>\n

“You cannot afford to keep Asian Americans under the radar any longer,”<\/strong> Nielsen said of American businesses. “This is a segment that is vital to your growth and success.” <\/p>\n

via www.nielsen.com<\/em>
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