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Annual median income for this group is $54,500.
Total consumer spending by this group was $495 billion for 2008.
87% of this group who are over 25 are high school graduates, 48% have a bachelors degree and 16% have achieved an advanced degree (e.g master’s, Ph.D., M.D., or J.D.) The Highest Education Level by percent.
Home ownership for this group is upwards of 64%.
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*Non-Traditional Growth Strategies During Slow Economic Times*
During this time of economic woes, we marketers immediately start to strategize. We ask “What are the most recession-proof industries to target?” and “How can I enable my clients to not only stabilize, but actually thrive in this environment?”
It is up to us, as the marketing experts, to answer these questions, and find real-life viable solutions for our customers.
According to Global Advertising Strategies, “In these tough times, we all need to begin to think outside of the box and…. go beyond traditional multicultural marketing (which is) to Hispanic and African American groups.” *
This means targeting the influential and educated Asian American market.
According to the 2005 U.S. Census Community Survey – of the 4.27 million increase in the U.S. population from 2000 to 2004, 2.08 million can be attributed to South Asian and Asian Americans. They are also the fastest growing segment in the state of New Jersey, and 36% of the people in San Francisco County are of this ethnicity. According to the 2006 Census Figures, the median household income of the South Asian population is $78,315 and the Filipino population is $72,548. These numbers are rather elevated in comparison to the mainstream white population, which is estimated at $51,429. *
*Consider the following:*
With over $230 billion in spending power, Asian Americans are a powerful force in the USA consumer market today. Over 36% of Asian Internet users have made more than 5 purchases using the net over a period of 12 months, compared to 13.6% of Hispanics and 12.4% of African Americans -- the two largest of the ethnic populations in the U.S. Over 74% of Asian American Internet users access the net each day. Therefore, they are more likely to have a college degree and a higher average income than any other ethnic group. Media preferences for Asian Males between the ages of 25-54 are the Internet and online ethnic newspapers. Asian Males spend 58% more time on the Internet than any other ethnic group of males in the same age range. About 38% of Asian Americans read their daily news online, over 26% seek financial information on a typical day and 30% of them seek political news and information on a daily basis. These percentages are much higher than any other ethnic group including Caucasians in the U.S. and Canada. The language preferences during Asian Americans online visits list English as the most popular at over 37% (this may be attributed to their higher education levels and income status). Chinese is second at 14%, Japanese is 9% and Korean is 4%.
These numbers are hard proof that there are distinctly new and different opportunities for multicultural marketing in 2009 and beyond. Reaching previously overlooked populations, who are thriving even in the current economic climate, can greatly increase your ROI. These diverse and growing ethnic groups offer tremendous potential to virtually every marketer and every brand out there.
In future newsletters, we will cover issues relating to the top Ethnic Groups within the Asian communities, including Chinese, Japanese, Korean, Vietnamese, Indian, and Filipino.
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