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Asian American Buying Power -
a 287% gain
The Selig
Center’s estimates and projections of buying power for 1990-2007 show that
Asian Americans wield
formidable economic clout, and that the nation's Asian buying power will
quadruple over this seventeen year period (287%), climbing from $296.4
billion in 2002, to $454.9 billion in 2007.
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- As
with other minority markets, this
target market will
grow much faster than the white market, where buying power will increase by
only 112%.
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This racial group’s shares of the
population were 2.9 percent and 3.8 percent in 1990 and 2000, respectively; and their enormous
economic clout continues to attract more attention from businesses and
advertisers.
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Population numbers -
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In 2007, 14.2 million Americans—4.6
percent of the country’s population—will claim Asian ancestry, which makes
them a powerful force in the U.S.
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Because the group includes consumers of so many national ancestries,
languages,
and diverse cultures, niche marketing can be particularly rewarding.
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Reason for Asian
American buying power
- Asian
buying power is attributed to the fact that Asians are better educated than
is the average American, and therefore Asians hold many top-level jobs in
management or professional specialties.
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The Census Bureau’s
March 2000
Current Population Survey
indicates that 44% of
Asians and Pacific Islanders ages 25 and over have a bachelor’s degree or
higher compared to 26% percent of the total population.
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- Age Distribution
- The Asian
and Pacific Islander population is young, with 29%
of Asian and Pacific
Islanders under age 18 compared with 24% of non-Hispanic Whites. A further
indication of the relative youthfulness of the Asian and Pacific Islanders
is that only 7% are 65 years of age or older, versus 14% non-Hispanic Whites
in this age group.
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- Family
Size
- Asian
American and
Pacific Islander families are larger than non- Hispanic White families, with
23% having five or more members. In
1999, married couples constituted about 80% of the 2.5 million Asian and
Pacific Islander families with 13% of these families were maintained by
women with no spouse present, and 7% of these households were maintained by
men.
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