By Rieva Lesonsky
What’s the fastest-growing consumer group you may not be targeting yet? The answer might surprise you. In the last 10 years, the Asian American population has grown at double-digit rates in 49 of 50 states, according to Nielsen’s State of the Asian American Consumer Q3 2012 report. That’s good news for marketers, since many Asian American consumers are affluent, well-educated, tech-savvy and have lots of purchasing power.
The Asian American population has increased by more than 50 percent since 2000, to approximately 18.2 million, and is projected to reach 20.9 million in the next five years. Asian Americans come from many different countries of origin, including China, India, Philippines, Vietnam, Korea and Japan. The largest overall group is Chinese Americans, who make up 22 percent of the Asian American population.
The Asian American population is actually growing a little bit faster than the Hispanic population in the U.S. However, unlike growth in the Hispanic population, which is primarily fueled by babies being born in the U.S., currently growth in the Asian American population is fueled by immigration. In 2010, about 430,000 new immigrants, or 36 percent of the total immigrant population, was from Asian nations, and in the last 10 years, 3.6 million Asian immigrants came to the United States
What are some demographic characteristics of this population? Overall, Asian Americans skew younger than the average American (41 years vs. 45 years) and their household size is slightly larger than average (3.1 vs. 2.6). Adult, native-born Asians skew much younger than adult immigrants (median age of 30 vs. 44).
The median income for Asian American households is higher than average ($63,420 vs. $49,580 in 2012). More than one-fourth (28 percent) of Asian American households have incomes of more than $100K; among overall households, only 18 percent boast this income level.
What are the most effective ways to market to Asian Americans? The number of Asian media outlets increased by more than 1,000 percent from 1999 to 2010, so there’s no shortage of options. However, one of the best (and most affordable) ways to reach this market is online, since Asian Americans have high tech adoption rates.
Specifically, Asian Americans spend an average of 80 hours online each month; view 3,600 Web pages monthly (1,000 pages more than any other demographic group) and visit computer and consumer electronics sites 36 percent more often than the average population. Using search engine optimization and online advertising targeted to these consumers are effective methods to reach this growing market.
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