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Asian American Buying Power -
a 337% gain
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The Selig
Center’s estimates and projections of buying power for 1990-2008 indicate
Asian Americans wield
formidable economic clout. Asian American buying power more than
quintupled from earlier projections from 1990, to $752 billion. This
resulted in a 47.8% change in buying power from the study's 1990 baseline.
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Population numbers -
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Asian Americans comprised 2.9 percent and 3.8 percent
of the total U.S. population in 1990 and 2000, respectively. In 2008,
14.513 million Americans - 4.6
percent of the country’s population—claimed Asian ancestry, which makes
them a powerful economic force in the U.S.
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Reason for Asian
American buying power
- Asian
American
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. According to the 2006 American
Community Survey, 49.2% of Asian Americans over 25 held a bachelor's
degree or higher, compared to only 29.9% of non-Hispanic whites.
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- Nearly all
Asian Americans are urbanites, with 95% living in metropolitan areas
compared to only 78% of non-Hispanic whites.
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- Age Distribution
- The Asian
and Pacific Islander population is young, with a median age of 35.2 years
compared to 40.6 years for non-Hispanic whites, or 36.4years for the total
population.
A further indication
of the relative youthfulness of the Asian and Pacific Islanders is that only
9% are 65 years of age or older, versus 15.2% 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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Spending
- Asian
Americans spend more than the average U.S. household on shelter, education
and public transportation. Due to higher average income levels, Asian
Americans also spend more than the average household on food, telecom
services, household textiles, furniture, major appliances, clothing, vehicle
purchases, personal care products and services, personal insurance and
pensions.
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