On average, an Asian American household makes $116,319 a year – that’s 36% more than the average for the US as a whole, according to consumer research company Claritas.
And with the growth in the number of people identifying as Asian American expected to continue to “explode”, that translates into a significant demographic for marketers in the near future.
The Asian American Market Report details the numbers of a population grouping that has risen by 84% since 2000 to the current figure of 19 million.
Asians in the US will add a projected 1,323 new members every day from this year through to 2024. That compares to what the report describes as the “traditional majority white population”, which is expected to lose 165 members every day over the next five years.
And not only do US Asians have high spending power relative to the average, a full 24% of them will earn $150,000 or more this year, the data shows.
Even more importantly, they like to spend. Asian households spend 21% more per year on consumer goods and services than the average.
Around $100 a month goes on entertainment – a full 45% more than the US average. Some $3,000 a year is spent on clothes and fashion, 15% above average; and approximately $5,000 goes on food at home, around 6% above the average. Nearly $12,000 a year is spent on transport, including new cars and trucks, which is 6% more than the average.
“The face of America is evolving, and marketers need to recognize how population and demographic changes in the United States will affect their business success in the coming years,” said Karthik Iyer, chief operating officer at Claritas.
The report suggests there are a number of potentially useful ways for marketers to reach this wealthy, high-spending group.
LinkedIn is a good place to begin, as Asian Americans are twice as likely as the average to make use of the platform. Another good communication channel is any social media strategy that’s mobile related – US Asians are 23% more likely than the average to access social media via smartphones.
Sourced from Claritas; additional content by WARC staff