A group of Asian-American entrepreneurs at Jewels of Asia Gala Credit: Asian-American Chamber of Commerce
Growing at a staggering 257% rate over the past decade, Asia-Americans’ buying power stands at $986 billion now, making them one of the most influential consumer groups.
According to the latest installment of Nielsen’s, Asian Americans: Digital Lifestyles and Growing Influence, the purchasing power of Asian-Americans will likely reach $1.3 trillion by 2022.
Two factors including a population boom (43% increase since 2006) and educational attainment levels, particularly digital skills, explain this astronomical rise in the Asian-American’s buying power consolidation.
The Nielsen analysis finds Asian-American consumers to be among the most highly educated with a higher average household income than the total population.
“The case for reaching these consumers is clear, and marketers should start by exploring the digital platforms where Asian-American consumers spend the most time and wield the most influence,” a report on the study says.
With the help of charts, Nielsen offers an interesting insight into the qualities and shopping trends among Asian Americans in its report.
Here is a link to the report.
