Marketers of designer goods, technology, online vendors and well anything else that can possibly be sold to consumers – pay attention! You should now be targeting me…or at least people in my demographic.
Asian Americans are now the most affluent consumer group in the U.S., according to a new report from Packaged Facts. The researchers over at Packaged Facts studied the attitudes and behavior of 13 million Asian Americans and found that they have more buying power (an excess of $400 billion!) than any other multicultural population segment.
"What we're seeing is a high-growth, high-income market that is willing to spend, yet very conscious about purchasing decisions," said Don Montuori, publisher of Packaged Facts, in a statement. "Asian Americans love to shop and will shop for the best deal. They're big on family, designer goods, technology, Internet shopping and healthy living, and are very open to all modes of promotion, making them an excellent target market." Isn’t that the truth?
Despite their “affluence,” Asian Americans have never been in the forefront of marketers of consumer products and services. When was the last time you saw an Asian American in an ad in a magazine? Maybe in a Benetton ad, or Asian magazines like Jade or iStyle, but nothing else that I can really think of. It would be nice to see more multicultural marketing and advertising in the future.
