Asian Americans are the fastest-growing multicultural group in the U.S. and are 54% more likely than overall U.S. households to have incomes of $100K or more according to a new report from Nielsen.
“Nielsen’s insights demonstrate the expanding opportunities and the positive impact this important ethnic segment can have on businesses and American culture,” said Don Lowery, SVP/public affairs and government relations, Nielsen. “These demographic insights and consumer trends offer opportunities for community organizations, companies and marketers to tap into this consumer segment.”
Key insights from the report:
–While Asians Americans are known to be tech savvy, many still use traditional media outlets such as TV, radio and print to get culturally-relevant entertainment and info.
–Asian American buying power continues to increase and is projected to reach $1 trillion by 2017.
–Asian Americans spend 33% of their dollars on deals, compared to 27% of non-Asians. About 78% of Asian Americans say they like to shop around before making a purchase, and two-thirds say they are willing to pay more for quality.
–86% of Asian American households have some sort of savings account, compared to 76% of the general U.S. population. In addition, nearly one-third of –Asian Americans surveyed keep money in certificate of deposits, a rate 86% higher compared to 17% of the general U.S. population.
–Ads featuring culturally relevant situations and characters make up 65% of top ads among Asian Americans.
“Nielsen’s information shows that Asian Americans are a unique, multifaceted group of consumers with different purchasing behaviors and viewing patterns from the general population,” said Betty Lo, vice president of public affairs, Nielsen. “Building on their heritage, academic achievement, adaptability and rising spending clout, Asian American consumers are a powerful economic and influential force.”