• Asian Americans a growth opportunity for businesses, Nielsen finds

Nielsen announced the release of its "Significant, Sophisticated and Savvy: The Asian American Consumer 2013 Report," which offers a look into the purchasing habits and lifestyle trends of Asian Americans.

Asian Americans are the fastest-growing multicultural group in the U.S. and are 54 percent more likely than overall U.S. households to have incomes of $100,000.00 or more, according to the report.

"Nielsen's insights demonstrate the expanding opportunities and the positive impact this important ethnic segment can have on businesses and American culture," said Don Lowery, senior vice president of public affairs and government relations, Nielsen. "These demographic insights and consumer trends offer opportunities for community organizations, companies and marketers to tap into this consumer segment."

Key insights from the report include:

  • Asian American buying power continues to increase and is projected to reach $1 trillion by 2017.1
  • Asian Americans spend 33 percent of their dollars on deals, compared to 27 percent for non-Asians. About 78 percent of Asian Americans say they like to shop around before making a purchase, and two-thirds say they are willing to pay more for quality.
  • Eighty-six percent of Asian American households have some sort of savings account, compared to 76 percent of the general U.S. population. In addition, nearly one-third of Asian Americans surveyed keep money in certificates of deposit, a rate 86 percent higher compared to 17 percent of the general U.S. population.
  • Ads featuring culturally relevant situations and characters make up 65 percent of top ads among Asian Americans.

"Nielsen's information shows that Asian Americans are a unique, multifaceted group of consumers with different purchasing behaviors and viewing patterns from the general population," said Betty Lo, vice president of public affairs, Nielsen. "Building on their heritage, academic achievement, adaptability and rising spending clout, Asian American consumers are a powerful economic and influential force."

Read more about trends.

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  • Lance Johnson
    A new award-winning worldwide book/ebook that helps explain the role, struggles, and contributions of immigrants and minorities is "What Foreigners Need To Know About America From A To Z: How to Understand Crazy American Culture, People, Government, Business, Language and More.” It paints a revealing picture of America for anyone who will benefit from a better understanding. Endorsed by ambassadors, educators, and editors, it also informs those who want to learn more about the last remaining superpower and how we compare to other nations on many issues. As the book points out, immigrants and minorities are a major force in America. Immigrants and the children they bear account for 60 percent of our nation’s population growth and own 11 percent of US businesses and are 60 percent more likely to start a new business than native-born Americans. They represent 17 percent of all new business owners (in some states more than 30 percent). Foreign-born business owners generate nearly one-quarter of all business income in California and nearly one-fifth in New York, Florida, and New Jersey. In fact, forty percent of Fortune 500 companies were started by an immigrant or a child of an immigrant, creating 10 million jobs and seven out of ten top brands in our country. More importantly, they come to improve their lives and create a foundation of success for their children to build upon, as did the author’s grandparents when they landed at Ellis Island in 1899 after losing 2 children to disease on a cramped cattle car-like sailing from Europe to the Land of Opportunity. Many bring skills and a willingness to work hard to make their dreams a reality, something our founders did four hundred years ago. In describing America, chapter after chapter chronicles “foreigners” who became successful in the US and contributed to our society. However, most struggle in their efforts and need guidance in Anytown, USA. Perhaps intelligent immigration reform, White House/Congress and business/labor cooperation, concerned citizens and books like this can extend a helping hand, the same unwavering hand that has been the anchor and lighthouse of American values for four hundred years. Here’s a closing quote from the book’s Intro: “With all of our cultural differences though, you’ll be surprised to learn how much…we as human beings have in common on this little third rock from the sun. After all, the song played at our Disneyland parks around the world is ‘It’s A Small World After All.’ Peace.” www.AmericaAtoZ.com
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