Nielsen has released a new report “Asian Americans: Culturally Diverse and Geographically Distinct” profiling the tremendous geographic reach, economic impact and consumer influence that this quickly growing segment has on the U.S. mainstream. Asian Americans are starting businesses, creating jobs, and contributing to the United States economy and market with $825 billion in consumer buying power.
"Asian-Americans are diverse, spanning the languages and cultural traditions of more than 40 different ethnicities. They lead the U.S. population, on a per household basis for expenditures and usage, in a number of consumer categories, from food and travel to baby products, mobile digital devices and social media. They are the most affluent (by median household income) of all major ethnic groups in the U.S., including non-Hispanic Whites, and are more highly educated than any other group. Their visibility within entertainment is increasing in Hollywood and beyond. However, we cannot generalize this unique, diverse segment and must seek to better understand a more disaggregated view in order to understand their consumption behaviors." Read More…*Nielsen Report.
If you currently target this market, ask yourself, what are you doing to engage this group? If you are not currently targeting this market, ask yourself, are you missing out on business opportunity.