Asian-American buying power predicted to reach $1 trillion in 2018

NEW YORK CITY – Being the fastest-growing and most affluent of the multicultural segments of America, Asian-American consumers are making a powerful impact on today’s new American mainstream according to a 2015 report by global performance management company, Nielsen.

Nielsen recently released a new study called “Asian Americans Culturally Connected and Forging the Future” – their latest report on the state of Asian-Americans consumer.

The report says Asian-American consumers spent $770 Billion in 2014 closely catching up with Hispanic consumers ($1.3 Trillion) and African-American consumers ($1 Trillion).

The report also predicts that Asian-American buying power is expected to reach $1 Trillion in 2018.

“Although we represent 20 Million of the U.S. population, standing around 6%, if you think about the 6% of the consumers here in the U.S. spearheading $770 Billion of consumer spending, that’s significant,” said Nielsen’s VP for Community Alliances and Consumer Engagement Betty Lo.

Among Asian-Americans, Filipino-Americans are now the second largest ethnic group with a population of 3.6 million in the U.S. closely trailing behind Chinese Americans now at 4.3 Million.

And when it comes to median household income Filipino-Americans come in second place with $81,788 annually closely following Indian-Americans with $100,547 annually.

With election season approaching Lo says this spending power can be translated to political power.

“Money is power right,” she said. “Be civically engaged, exercise your right to vote at the ballot box but also exercise your vote through your money and how you spend your money.”

The report also showed that Asian Americans are avid adopters of technology and social media combined with a voracious appetite for the freshest food thus influencing consumption patterns including online shopping even of non-Asian consumers.

Lo said, “Be conscious of how you spend your money, and support the companies that support our community.”

Lo adds that the Nielsen report shows that Asian-Americans will increasingly find themselves on the leading edge of the American mainstream.

You may contact Don Tagala at don_tagala@abs-cbn.com

 

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