LOS ANGELES (Nov. 16, 2012) — BUSINESS WIRE — Nielsen, a leading global provider of information and insights into what consumers watch and buy, last Friday released the “State of the Asian American Consumer Report: Growing Market, Growing Impact.”
The report on Asian-American consumer behaviors and trends. With a current population of more than 18 million, Asian-Americans remain geographically-concentrated, affluent, and are early, fast adopters of technology with a multi-screen lifestyle.
“Nielsen is committed to providing the resources needed to understand the value of the Asian-American consumer as an emerging and influential group,” said Susan Whiting, vice chair, Nielsen. “By cultivating a deeper understanding of this consumer, marketers are poised to increase brand awareness, develop improved product offerings and services, and establish partnerships within Asian-American communities.”
The inaugural report, which focuses on media consumption and buying behaviors, reveals that understanding the psychographic profile of Asian-Americans and reaching this group through in-culture and in-language vehicles can be good for business. Asian- Americans have shown growth rates of more than 50 percent since the year 2000 – the highest of any multicultural segment in the U.S. according to the U.S. Census 2010. The report aims to provide U.S. marketers, with substantial information they can use to tap into the expanding growth opportunities with Asian-American consumers.
“With their significant buying power and growing population that stems from a continuous wave of immigration, the Asian-American consumer group is one that marketers simply cannot ignore,” said Frank Piotrowski, senior vice president, measurement science, Nielsen. “The insights in this report support tremendous opportunities for innovative ways to reach and connect with Asian-American consumers.”
Nielsen has shown its continued commitment to accurately understanding and portraying the growing Asian-American population by working collectively with its Asian Pacific American Advisory Council (APAAC) to develop this report. APAAC is made up of exemplary leaders in business, community, education, entertainment and faith-based organizations, and advises Nielsen on best practices for panel recruitment and accurate measurement procedures of Asian-American consumers. APAAC also advises Nielsen on how to better engage with Asian-Americans through community outreach efforts.
“We applaud Nielsen for taking the initiative and the willingness to accurately tell the Asian-American consumer story,” said Nita Song, president and chief operating officer of IW Group, a fully integrated, full-service marketing and communications firm that specializes in reaching the growing Asian-American communities in the U.S. and Nielsen’s APAAC co-chair. “The report is a significant step in helping marketers uncover the essence of the Asian-American consumer by creating stronger messages that will enhance communications with this group and increase brand trust among them.”
Key insights from the report include:
• The Asian-American population, currently at 18.2 million, has grown at double-digit rates in 49 of the 50 states from 2000 to 2010.
• Asian-American buying power is currently $718 billion and is estimated to reach $1 trillion by 2017. If Asian-Americans were a country, they would be the 18th largest economy in the world.
• 28 percent of Asian-American households have incomes greater than $100,000 compared to 18 percent of total U.S. households.
• 50 percent of Asian-Americans, 25 and older have a Bachelor’s degree compared to 28 percent of total population.
• 70 percent of Asian-Americans own smartphones.
• Asian-Americans visit computer and consumer electronics websites 36 percent more often, spend 72 percent more time and visit 84 percent more pages than the total population.
• Top rated television programming for Asian-Americans: participation variety, award ceremonies, evening animation/sporting events and general variety and quiz panels.
• Asian-Americans over index on household purchases such as fresh produce; dried vegetables and grains; baby food and supplies; and photographic supplies.
• Asian-Americans make more annual shopping trips, but spend less per trip than non-Hispanic Whites.