Nielsen: Asian Americans hold major buying power
Asian American is the fastest growing ethnic population in the U.S. — and they hold major buying power — according to a new report from Nielsen.
From 2000 to 2012, the Asian American population grew 51 percent, compared to the Hispanic population, which increased 50.6 percent, and the African American population, which increased 14.5 percent, according to Nielsen’s “State of the Asian American Consumer” report that will be released in early November. By 2017, the buying power of the Asian American population is expected to soar from the current 718.4 billion to 1 trillion.
In addition, 28 percent of Asian American households earn more than USD 100,000 a year, compared to 18 percent of the total U.S. population. “This is a minority group with a greater share of wallet, for any companies that are trying to reach this segment,” said Dr. D. Sangeeta, executive VP of Measurement Science for Nielsen.
Asian Americans’ buying power is important, since they buy significantly more meat, seafood, and poultry than other groups in the U.S. Asian Americans spend approximately USD 121 per household per month on meat, poultry and seafood, compared to Hispanic shoppers who spend USD 113 per household and Caucasians, who spend only USD 94 per month.
“Asian consumers index the highest on non-UPC products, which are typically on the perimeter of a grocery store (produce, meat, fresh bakery, etc.),” said Jenny Nelson, communications director, MSci and Nielsen Measurement Institute, Nielsen.
In addition, Asian Americans spend more on groceries than other populations and make more frequent trips to the store.
“They shop more often, spend above average, are most likely to buy on a deal, and they like to figure out what they are going to buy before they buy it,” Sangeeta said.
Asian Americans also shop at warehouse/ club stores more often than any other population. They stock up at those stores 15.5 times a year on average, compared to non-Hispanic Whites, who shop at club stores 11.6 times a year.