News / Economy

Asian-American Buying Power Set to Soar

Customers wait in line to shop for 'Black Friday' discounts at a Best Buy store on Nov. 23, 2012 in Philadelphia, Pennslyvania.
Customers wait in line to shop for 'Black Friday' discounts at a Best Buy store on Nov. 23, 2012 in Philadelphia, Pennslyvania.
While Asian-Americans proved to be a growing force in politics during the 2012 election, they are also set to make dramatic impacts on the American marketplace.

According to a recent Nielsen report, “State of the Asian-American Consumer,” the buying power of Asian-Americans will increase from around $718 billion now to over $1 trillion in the next five years, thanks to a quickly growing population backed by high household incomes. That would make the Asian-American community the 18th largest economy in the world, according to the report.

"The findings of the Nielsen report reinforces the growing influence of the Asian American community,” said Mee Moua, the president and executive director of the Asian-American Justice Center, which works to advance the human and civil rights of Asian-Americans. “Nielsen’s report is another important demonstration of the potential Asian-American force as a consumer. The growing political and economic power of the community can no longer be underestimated or overlooked.”

Asian-Americans are the fastest-growing minority group in the United States, numbering over 18 million in the 2010 census. The population has grown 50 percent since 2000, including in states that are not traditionally centers of Asian-American community. In 49 of 50 states, the population has grown by double-digit rates.

According to Nielsen, the median household income for Asian-Americans is 28 percent higher than the U.S. average. Furthermore, half of Asian-Americans over the age of 25 have a bachelor’s degree, compared to only 28 percent nationwide.

The result is that Asian-Americans are poised to exercise considerable influence in the American marketplace.

“With their significant buying power and growing population that stems from a continuous wave of immigration, the Asian-American consumer group is one that marketers simply cannot ignore,” said Frank Piotrowski, Senior Vice President of Measurement Science at Nielsen.

These sentiments were echoed by Bill Imada, a member of the Asian Pacific American Media Coalition, who said he anticipates seeing more marketing and news targeted at Asian-Americans in the near future.

“As more and more Asians and Asian-Americans acculturate, there will be an even greater demand for television and cable programs that reflect the diversity of the Asian-American community,” he said. “We’re already seeing more Asian Americans in television commercials. Hopefully, we’ll start to see even more Asians and Asian-Americans in senior-level positions at advertising, marketing and entertainment companies.”

You May Like

China’s Influence Grows With New Infrastructure Bank

Multibillion-dollar China-backed and BRICS-supported Asian Infrastructure Investment Bank seen as possible challenger to such lenders as IMF, World Bank More

Video Rabbi Hits Road to Heal Jewish-Muslim Relations in France

Rabbi Michel Serfaty makes the rounds in his friendship bus to encourage dialogue and break down barriers between the two groups More

Post-deal Iran Leaders Need 'Economic Momentum' to Solidify Power Base

Economists say deal could inject more than $100 billion into coffers - not enough to entirely rescue ailing economy - but maybe adequate to create 'economic momentum' More

This forum has been closed.
Comment Sorting
Comments
     
by: Lu from: China
December 03, 2012 10:37 AM
I personally think the culture of US is not fit for the high competition in world if US still need keeping its top 1 position. In my eyes, US try to avoid some problems directly, I wish US can resolve its own problems, the low ecnomic can only be resolved by improve the competitive capacity of this nation, not just easily import and get aid from Asian, let me ask a question, none want the estate price decrease, however, the buypower of asian people definitely will uprise the price of house, how to settle down the poor and unemployee people who cannot afford, the consequence is severe, uprise and conflict will break out

Featured Videos

Your JavaScript is turned off or you have an old version of Adobe's Flash Player. Get the latest Flash player.
US Gay Marriage Ruling Yields Real-life Impacti
X
Michael Bowman
June 28, 2015 10:05 PM
Friday’s landmark Supreme Court decision legalizing same-sex marriage throughout the United States is an outcome few thought possible just years ago, and shows a nation that increasingly tolerates and even celebrates the hopes and aspirations of gay people. VOA’s Michael Bowman spoke to a same-sex couple that will benefit from the high court ruling, and to a Christian scholar who is apprehensive about its potential consequences for America’s faith community.
Video

Video US Gay Marriage Ruling Yields Real-life Impact

Friday’s landmark Supreme Court decision legalizing same-sex marriage throughout the United States is an outcome few thought possible just years ago, and shows a nation that increasingly tolerates and even celebrates the hopes and aspirations of gay people. VOA’s Michael Bowman spoke to a same-sex couple that will benefit from the high court ruling, and to a Christian scholar who is apprehensive about its potential consequences for America’s faith community.
Video

Video Syrians Flee IS Advance in Hasaka

The Syrian government said Monday it has taken back one of several districts in Hasaka overrun by Islamic State militants. But continued fighting elsewhere in the northern city has forced thousands of civilians from their homes. In this report narrated by Bill Rodgers, VOA Kurdish Service reporter Zana Omer describes the scene in Amouda, where some of the displaced are taking refuge.
Video

Video Rabbi Hits Road to Heal Jewish-Muslim Relations in France

France is on high alert after last week's terrorist attack near the city Lyon, just six months after deadly Paris shootings. The attack have added new tensions to relations between French Jews and Muslims. France’s Jewish and Muslim communities also share a common heritage, though, and as far as one French rabbi is concerned, they are destined to be friends. From the Paris suburb of La Courneuve, Lisa Bryant reports about Rabbi Michel Serfaty and his friendship bus.
Video

Video S. Korea Christians Protest Gay Rights Festival

The U.S. Supreme Court decision mandating marriage equality nationwide has energized gay rights supporters around the world. Gay rights remain a highly contentious issue in a key U.S. ally, South Korea, where police did a deft job Sunday of preventing potential clashes between Christian protesters and gay activists. Kurt Achin reports from Seoul.
Video

Video Saudi Leaks Expose ‘Checkbook Diplomacy’ In Battle With Iran

Saudi Arabia’s willingness to wield its oil money on the global diplomatic stage appears to have been laid bare, after the website WikiLeaks published tens of thousands of leaked cables from Riyadh’s Ministry of Foreign Affairs. VOA's Henry Ridgwell reports.
Video

Video Nubians in Kenya Face Land Challenges

East Africa's ethnic Nubians have a rich cultural history that dates back thousands of years, but in Kenya they are facing hardships, including the loss of lands they have lived on for generations. They say the government has reneged on its pledge to award them title deeds for the plots. VOA's Lenny Ruvaga reports.
Video

Video Syrian Refugees Return to Tal Abyad

Syrian refugees in Turkey confirm they left their hometown of Tal Abyad because of intense fighting and coalition airstrikes, not because Kurdish fighters were engaged in ethnic cleansing, as some Turkish officials charged. VOA Kurdish Service reporter Zana Omer, in Tal Abyad, finds that civilians coming back to the town agree, as we hear in this report narrated by Roger Wilkison.
Video

Video Military Experts Question New Russian Tank Capabilities

Russia has been showing off its new tank design – the Armata T-14. Designers claim it is 20 years ahead of current Western designs - and driving it feels like playing a computer game. But military analysts question those assertions, and warn the cost could be too heavy a burden for Russia’s struggling economy. Henry Ridgwell reports.
Video

Video In Kenya, Police Said to Shoot First, Ask Questions Later

An organization that documents torture and extrajudicial killings says Kenyan police were responsible for 1,252 shooting deaths in five cities, including Nairobi, between 2009 and 2014, representing 67 percent of all gun deaths in the areas reviewed. Gabe Joselow has more from Nairobi.
Video

Video In Syrian Crisis, Social Media Offer Small Comforts

Za’atari, a makeshift city in Jordan, may be the only Syrian refugee camp to tweet its activities, in an effort to keep donors motivated as the war in Syria intensifies and the humanitarian crisis deepens. Inside the camp, families say mobile phone applications help hold together families that are physically torn apart. VOA’s Heather Murdock reports.
Video

Video Chemical-Sniffing Technology Fights Australia's Graffiti Vandals

Cities and towns all over the world spend huge amounts of resources battling graffiti writers who deface buildings, public transport vehicles and even monuments. Authorities in Sydney, Australia, hope a new chemical-sniffing technology finally will stop vandals from scribbling on walls in the passenger areas of commuter trains. VOA’s George Putic has more.
Video

Video Cambodia Struggling to Curb Child Labor

Earlier this year a United Nations report found 10 percent of Cambodian children aged 7-14 are working – one of the highest rates in the region – and said one in four children in that age bracket are forced to quit school to help their families. Although the child labor rate has dropped over the past decade, Cambodia has a lot more to do – including keeping more children in school. Robert Carmichael reports for VOA from Phnom Penh.

VOA Blogs

World Currencies

EUR
USD
0.8926
JPY
USD
123.71
GBP
USD
0.6358
CAD
USD
1.2364
INR
USD
63.600

Rates may not be current.