Report: Asian American economic clout growing

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NEW YORK CITY – Asian Americans’ impact on the US economy is growing and shifting, according to a new report by the consumer information firm Nielsen.

Asian-Americans: Culturally Diverse and Expanding Their Footprint,” a Nielsen study reports that Asian Americans are starting businesses, creating jobs and contributing to the U.S. economy, with a current $825 billion in consumer buying power, which is expected to rise to $1.1 trillion by 2020.

As the fastest-growing U.S. population segment with an expanding geographic footprint in the Midwest and South – beyond traditional immigrant enclaves in the West and Northeast – Asian American impact on consumer preferences is rippling across mainstream America, with far-reaching implications for brands and marketers.

Nielsen’s report highlights through a regional lens the different ways in which Asian Americana are exerting cultural and economic influence on the U.S. mainstream market today.

“If marketers and companies want to be successful, it is imperative they develop growth strategies that account for Asian Americans’ diverse ethnicities to better resonate with the cultural nuances of this unique multicultural community,” said Betty Lo, vice president, Community Alliances & Consumer Engagement, Nielsen.

“This segment not only has culturally specific tastes and preferences, but also buying behaviors that are unique to geographic regions,” Lo said further. “In addition, U.S. Census projections show that Asian Americans are on track to become the largest immigrant group in the nation by 2055. As entrepreneurs, tech titans and digital content consumers, Asian Americans’ cultural identities will play a unique role in impacting the U.S. economy and marketplace.”

Highlights of Asian-Americans: Culturally Diverse and Expanding Their Footprint include:

Geographic Expansion

 

Entrepreneurial Economic Drivers

 

Unique Culinary Tastemakers and Environmentally Sustainable Consumers

 

Tech Titans and Content Consumers

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