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.
TEXT SIZE - +
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

Multimedia Anti-Keystone XL Protests Continue

Demonstrators are worried about pipeline's effect on climate change, their traditional way of life, health and safety More

Thailand's Political Power Struggle Continues

Court gave Prime Minister Yingluck Shinawatra until May 2 to prepare her defense over abuse of power charges but uncertainty remains over election timing More

Malaysia Plane Search Tests Limits of Ocean Mapping Technology

Expert tells VOA existing equipment’s maximum operating depth is around 6 kilometers as operation continues on ocean bed for any trace of MH370 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.
Pet Kangaroo Helps Spread Environmental Messagei
X
Penelope Poulou
April 22, 2014 5:53 PM
Children’s author Julia Heckathorn travels the world to learn about different ecosystems and endangered animals. She pours her knowledge into children’s books, hoping the next generation will right the environmental wrongs of our times. As in many children's books, the main character in Heckathorn's stories is an animal. Unlike those other characters, though, this one is real - a kangaroo, that lives in the author’s backyard. VOA’s Penelope Poulou has more.
Video

Video Pet Kangaroo Helps Spread Environmental Message

Children’s author Julia Heckathorn travels the world to learn about different ecosystems and endangered animals. She pours her knowledge into children’s books, hoping the next generation will right the environmental wrongs of our times. As in many children's books, the main character in Heckathorn's stories is an animal. Unlike those other characters, though, this one is real - a kangaroo, that lives in the author’s backyard. VOA’s Penelope Poulou has more.
Video

Video Pro-Russian Separatists Plan 'Federalization Referendum' in Eastern Ukraine

Pro-Russian separatists in eastern Ukraine say they plan to move forward next month with a referendum vote for greater autonomy, despite the Geneva agreement reached with Russia, the U.S. and Ukraine to end the political conflict. VOA's Brian Padden reports from the city of Donetsk in Eastern Ukraine.
Video

Video Pope Francis Hopes Dual Canonizations Will Reconcile Church

On April 27, two popes - John the XXIII and John Paul II - will be made saints in a ceremony at St. Peter’s Square. VOA religion correspondent Jerome Socolovsky says the dual canonization is part of the current pope’s program to reconcile liberals and conservatives in the Roman Catholic Church.
Video

Video In Capturing Nature's Majesty, Film Makes Case for Its Survival

French filmmaker Luc Jacquet won worldwide acclaim for his 2005 Academy Award-winning documentary "March of the Penguins". Now Jacquet is back with a new film that takes movie-goers deep into the heart of a tropical rainforest - not only to celebrate its grandeur, but to make the case for its survival. VOA's Rosanne Skirble reports.
Video

Video Boston Marathon Bittersweet for Many Runners

Monday's running of the Boston Marathon was bittersweet for many of the 36,000 participants as they finished the run that was interrupted by a double bombing last year. Many gathered along the route paid respect to the four people killed as a result of two bombings near the finish line. VOA's Carolyn Presutti returned to Boston this year to follow two runners, forever changed because of the crimes.
Video

Video International Students Learn Film Production in World's Movie Capital

Hollywood - which is part of Los Angeles - is the movie capital of the world, and many aspiring filmmakers go there in hopes of breaking into the movie business. Mike O'Sullivan reports that regional universities are also a magnet for students who hope to become producers or directors.
Video

Video Pacific Rim Trade Deal Proves Elusive

With the U.S.-led war in Iraq ended and American military involvement in Afghanistan winding down, President Barack Obama has sought to pivot the country's foreign policy focus towards Asia. One aspect of that pivot is the negotiation of a free-trade agreement among 12 Pacific Rim nations. But as Obama leaves this week on a trip to four Asian countries he has found it very difficult to complete the trade pact. VOA's Ken Bredemeier has more from Washington.
Video

Video Autistic Adults Face Housing, Job Challenges

Many parents of children with disabilities fear for the future of their adult child. It can be difficult to find services to help adults with disabilities - physical, mental or emotional - find work or live on their own. The mother of an autistic boy set up a foundation to advocate for the estimated 1.2 million American adults with autism, a developmental disorder that causes communication difficulties and often social difficulties. VOA's Faiza Elmasry reports.
AppleAndroid

World Currencies

EUR
USD
0.7217
JPY
USD
102.17
GBP
USD
0.5949
CAD
USD
1.1009
INR
USD
60.326

Rates may not be current.