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

Video One Year After Thai Coup, No End in Sight for Military Rule

Since carrying out the May 22, 2014 coup, the general has retired from the military but is still firmly in charge More

Job-Seeking Bangladeshis Risk Lives to Find Work

The number of Bangladeshi migrants on smugglers’ boats bound for Southeast Asian countries has soared in the past two years More

Video Scientists Say We Need Softer Robots

Today’s robots are mostly hard, rigid machines, with sharp edges and forceful movements, but researchers at Carnegie Mellon University say they should be softer and therefore safer 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.
Turkey's Main Opposition Party Hopes for Election Breakthroughi
X
May 22, 2015 10:23 AM
Turkey’s main opposition Republican People’s Party has sought an image change ahead of the June 7 general election. The move comes after suffering successive defeats at the hands of the Islamist-rooted AK Party, which has portrayed it as hostile to religion. Dorian Jones reports from the western city of Izmir.
Video

Video Turkey's Main Opposition Party Hopes for Election Breakthrough

Turkey’s main opposition Republican People’s Party has sought an image change ahead of the June 7 general election. The move comes after suffering successive defeats at the hands of the Islamist-rooted AK Party, which has portrayed it as hostile to religion. Dorian Jones reports from the western city of Izmir.
Video

Video Europe Follows US Lead in Tackling ‘Conflict Minerals’

Metals mined from conflict zones in places like the Democratic Republic of Congo are often sold by warlords to buy weapons. This week European lawmakers voted to force manufacturers to prove that their supply chains are not inadvertently fueling conflicts and human rights abuses. Henry Ridgwell reports from London.
Video

Video Class Tackles Questions of Race, Discrimination

Unrest in some U.S. cities is more than just a trending news item at Ladue Middle School in St. Louis, Missouri. As VOA’s Kane Farabaugh reports, it’s a focus of a multicultural studies class engaging students in wide-ranging discussions about racial tensions and police aggression.
Video

Video Mind-Controlled Prosthetics Are Getting Closer

Scientists and engineers are making substantial advances towards the ultimate goal in prosthetics – creation of limbs that can be controlled by the wearer’s mind. Thanks to sophisticated sensors capable of picking up the brain’s signals, an amputee in Iceland is literally bringing us one step closer to that goal. VOA’s George Putic reports.
Video

Video Afghan Economy Sinks As Foreign Troops Depart

As international troops prepare to leave Afghanistan, and many foreign aid groups follow, Afghans are grappling with how the exodus will affect the country's fragile economy. Ayesha Tanzeem reports from the Afghan capital, Kabul.
Video

Video Poverty, Ignorance Force Underage Girls Into Marriage

The recent marriage of a 17-year old Chechen girl to a local police chief who was 30 years older and already had a wife caused an outcry in Russia and beyond. The bride was reportedly forced to marry and her parents were intimidated into giving their consent. The union spotlighted yet again the plight of many underage girls in developing countries. Zlatica Hoke reports poverty, ignorance and fear are behind the practice, especially in Asia and Africa.
Video

Video South Korea Marks Gwangju Uprising Anniversary

South Korea this week marked the 35th anniversary of a protest that turned deadly. The Gwangju Uprising is credited with starting the country’s democratic revolution after it was violently quelled by South Korea’s former military rulers. But as Jason Strother reports, some observers worry that democracy has recently been eroded.
Video

Video California’s Water System Not Created To Handle Current Drought

The drought in California is moving into its fourth year. While the state's governor is mandating a reduction in urban water use, most of the water used in California is for agriculture. But both city dwellers and farmers are feeling the impact of the drought. Some experts say the state’s water system was not created to handle long periods of drought. Elizabeth Lee reports from Ventura County, an agricultural region just northwest of Los Angeles.
Video

Video How to Clone a Mammoth: The Science of De-Extinction

An international team of scientists has sequenced the complete genome of the woolly mammoth. Led by the Swedish Museum of Natural History in Stockholm, the work opens the door to recreate the huge herbivore, which last roamed the Earth 4,000 years ago. VOA’s Rosanne Skirble considers the science of de-extinction and its place on the planet
Video

Video Blind Boy Defines His Life with Music

Cole Moran was born blind. He also has cognitive delays and other birth defects. He has to learn everything by ear. Nevertheless, the 12-year-old has had an insatiable love for music since he was born. VOA’s June Soh introduces us to the young phenomenal harmonica player.

VOA Blogs

World Currencies

EUR
USD
0.8982
JPY
USD
121.07
GBP
USD
0.6376
CAD
USD
1.2215
INR
USD
63.612

Rates may not be current.