Ten years after the last Census, the 2000 Census reveals that Asian Americans are still the segment with the most attractive demographics of any other ethnic group. According to Wanla Cheng, president of The Asia Link Consulting Group, a leading marketing research and consulting agency based in New York City, the Asian American segment possess preeminent attributes most sought after by marketers. "But many corporations are unaware of the dynamics of this group and are missing this lucrative business opportunity," said Cheng.
As reported in the 1990 Census and the 2000 Census, Asian Americans are still the fastest growing ethnic segment in the United States with almost a 20% growth rate over the next fastest growing group, Hispanics. The Asian American market continues to grow and will reach an estimated 35 million or 10% of the total U.S. population by 2050.
"As a matter of fact, over the past ten years, every state in the U.S. has seen a growth in its Asian population of at least 33%, with the fastest growth of Asians attributed to southern cities such as Florida, Georgia, and Virginia," said Cheng, a recognized authority on the Asian American market. Asian distribution saw little change from a decade ago with approximately three quarters of Asians still in the top 6 states. Over 50% of the Asian population is currently residing in the states of California, New York/New Jersey and Hawaii, and with more than half in the top DMAs - Los Angeles, San Francisco, New York, Honolulu and Chicago.
Asian Americans continue to be the highest medium household income holders in the U.S. with an average income of $70,221, which is 14.7% higher than that of non-Hispanic whites. For the last two decades, Asian Americans have also been the group with the most disposable income and greatest purchasing power, more likely than any other group to be in the $75K or above annual income range, making them the most desired consumer group in the U.S. today. Not surprisingly, Asians also have the highest level of education and the largest number of business owners as recorded in the 1990 Census and 2000 Census reports.
Cheng added that of this group, 70% of this population are foreign born and prefers to speak their mother tongue at home, making 4 of the top 10 foreign languages spoken at US households today Asian. In fact, Chinese, with 80% in-language preference, is now ranked the 2nd most spoken language after Spanish, while an astonishing 96% of Vietnamese speaks in-language at home, followed by 88% of Koreans, 68% of Filipinos and 44% of Japanese.
"The Asian American segment comprises a continuous influx of immigration groups that are not assimilated and have a high preference for in-language communications," said Cheng "This group cannot be effectively reached through general media but through in-language media. To capture this highly lucrative market companies need to court this consumer group through contexts and languages that are familiar to these people." Cheng added that, Chinese-speakers, for instance, in Los Angeles and New York have and will continue to skew Mandarin, while Chinese in San Francisco are evenly split between Mandarin and Cantonese. Of the two Chinese groups, Mandarin-speaking Chinese are significantly more affluent & better educated than Cantonese-speakers. But, Asian Indians are reportedly the most affluent and educated among the Asian sub-segments.
unknown, December 9, 2002
Copyright © Multicultural Marketing Resources, Inc.. All rights reserved.