Asian-Americans Have Most Economic Clout of Multicultural Market: Study

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Asian-Americans Have Most Economic Clout of Multicultural Market: Study

With buying power approaching $600 billion and projected to grow to $750 billion by 2013, the burgeoning Asian-American segment offers the most lucrative opportunities in the multicultural consumer market, and is, according to a new report from market research firm Packaged Facts.

Asian-American households are more affluent than any other population group in the country, including non-Hispanic whites, according to Packaged Facts' "Asian-American Market in the U.S., 4th edition," with one in three (36 percent) with an income of at least $100,000, compared to only 25 percent of American families as a whole.

"Although the Asian-American segment of the multicultural market is smaller ... than the Hispanic and African-American segments, Asian Americans have far more economic clout," said Tatjana Meerman, publisher of Packaged Facts. "Thus, there is great opportunity and challenge to market to Asian Americans."
They are also strong users of digital media, the report found. They are not only more likely to use online versions of traditional media such as magazines and newspapers, but also display an enthusiasm for spending large amounts of money shopping online.

Hunting for bargains is a key aspect of the Asian-American consumer profile. However, they aren't shy about making lucrative purchases, such as new cars or designer clothing, online.

The Packaged Facts study profiles major Asian-American populations including Chinese, Filipinos, Japanese, Koreans, and Vietnamese, and contains information on marketing opportunities generated by Asian-American consumers in financial services, travel, electronics, technology, the Internet and online shopping, telecommunications, automotive, fashion, and health and wellness; trends in acculturation and use of English language; and key aspects of consumer behavior including interest in going green and eating organic food.

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