Many brands are marketing to Asian Americans. In fact, even though this segment represents only about 5% of the population, it’s spending power is huge!
In fact, Asian American and Pacific Islander spending power in the U.S. topped $1 trillion in 2018. It is expected to break $1.3 trillion by 2023 as the community’s younger spenders mature.
This data was reported by Nielsen in their latest report. The report, titled “Informed Influencers and Powerful Purchasers: The Asian American Consumer Journey”.
Findings from the report showed that this market is huge. The Asian American market will continue to be opportunity for businesses over the next decade. This is because of the population’s quick growth and youth as well as its influence online.
Asian Americans are the fastest growing population in the U.S. This is according to a 2017 Asian Americans Advancing-Los Angeles analysis of census data. In the six years after the 2010 census, the Asian American population grew 21 percent to about 21.4 million. The total U.S. population grew less than 5 percent during the same time period.
A Younger, fast-growing marketing Segment
Another great statistic – as a group, Asian-Americans are one of the younger slices of the U.S. market. Nielsen reported that the average age for Asian Americans (35.4 years) was younger than that of the total population (38.7 years). Additionally, life expectancy for Asian Americans (86.7 years) is higher than average (78.9 years).
It’s true that Asian Americans are more likely to buy luxury electronic items and keep up with advances in electronic communication. However, let’s not forget that they’re also affected by direct mail. Recent results from a USPS survey indicate that direct mail influences 22% of product purchases for Asian-American respondents. That’s a number we need to keep in mind.
When marketing to Asian Americans,, it’s important to be able to segment within the broad Asian american label. There are multiple sub-groups and diverse languages. This means that reaching out to the Asian American market can be a challenge to most marketers. At Dataman Group, we are happy to offer our clients a very robust Asian ethnicity file, which allows marketers to segment the Asian market by country of origin, selecting Chinese, Japanese, Vietnamese, or Korean households from within the Asian Surname database.
For more information on our Asian Lists, Hispanic Lists, Jewish Lists and African American Lists, visit the Ethnic & Religious Mailing Lists section of the Dataman Group website
That is an interesting study regarding the USPS survey. I would be interested to know how that compares to non-Asian-American respondents. Regardless, its a huge percentage. Great information, thank you.