asian-shopAccording to the 2013 Nielsen Ratings report on the Asian-American consumer, data collected suggests that their economical impact is becoming more evident. To come to this conclusion, Nielsen took an in-depth look at how much Asians spend, what they spend it on, how much is their annual household income, their spending patterns, and lifestyle trends.

 

Here’s some top-level highlights from the report:

 

  • Asian American buying power continues to increase and is projected to reach $1 trillion by 2017.
  • Asian Americans spend 33 percent of their dollars on deals, compared to 27 percent of non-Asians. About 78 percent 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.
  • Eighty-six percent of Asian American households have some sort of savings account, compared to 76 percent of the general U.S. population. In addition, nearly one-third of Asian Americans surveyed keep money in certificate of deposits, a rate 86 percent higher compared to 17 percent of the general U.S. population.
  • Ads featuring culturally relevant situations and characters make up 65 percent of top ads among Asian Americans.
  • 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 information.

 

 

“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.”

 

What this is means is that over time, we will begin to see more advertisements featuring Asian-Americans. Brands typically begin to construct their marketing campaigns around the who their consumers are. In this case, we will see this happen with Asians in the forefront.

 

Will the Black or Latino dollar become extinct? This is an area we need to pay close attention to. Because if the urban community aren’t spending as much, then that means that salaries are lessening and our economic power is diminishing.

 

This is definitely something to think about…

 

 

Source: BusinessWire