I always think it’s interesting when something that I learn in a class overlaps or connects to what I’m learning in another class. Yesterday in my marketing class, we talked about Asian American consumers, so I thought I would tell you all a little about what I learned.
Asian Americans are the most affluent U.S. demographic segment. A well-educated segment, there are more 18.5 million Asian Americans in the U.S. (making up more than 5% of the population). Their annual buying power approached $1 trillion as of 2018.
Asian Americans are the second fastest-growing group in America after Hispanic Americans. Asian Americans is a general name for a diverse group made up of: Chinese Americans as the largest group, followed by Filipinos, Asian Indians, Vietnamese, Korean Americans, and Japanese Americans. Unlike Hispanic Americans who, for the most part, speak different dialects of Spanish, these groups under the umbrella of Asian Americans speak languages ranging from: Japanese, Cantonese, Khmer, Korean, and Vietnamese to Thai, Cambodian, Hmong, Hinglish, and Taglish. (Obviously there are more groups of Asian Americans and more languages that are not explicitly mentioned in my marketing book.)
Asian American consumers are the most brand conscious of all the ethnic groups. They are very brand loyal, especially to brands that work to build relationships with them. Because of their loyalty, firms are now targeting the Asian American market. Many retailers, especially luxury retailers such as Bloomingdale’s, are now featuring themed events and promotions during Chinese New Year. During this time, Bloomingdale’s hires Mandarin-speaking staff, offer Chinese-themed fashions, and feature Asian cultural presentations.
All of this is from my marketing textbook: Kotler, Philip, and Gary Armstrong. Principles of Marketing. Pearson Education Limited, 2017.