Understanding Asian Americans

Ok guys, I usually don’t blog about anything that is not celebrity or food related but this is too good to resist. I came across these numbers on the latest issue of Brandweek magazine and I just want to share them with you. They are population and economic figures that show the growing importance of Asians as a consumer group in the U.S.

1) There are approximately 15 million people of Asian descent in the U.S. as of 2006—this represents 5% of the total population. It also represents a 25% growth between 2000 and 2006.

2) 88% of Asian Americans are comprised by six specific ethnic segments (24% or 3.6 million Chinese, 20% of 2.9 million Filipinos, 18% of 2.7 million Indians, 11% or 1.6 million Vietnamese, 10% or 1.5 million Koreans and 8% or 1.2 million Japanese)

3) The median household income for Asian Americans in 2006 was $64K, more than $11K ahead of non-Hispanic Caucasian Americans, and $15K ahead of total population.

4) Three quarters of the Asian American households earn at least $75K per year—only half of the average U.S. households are in the same income bracket.

5) 48% of Asians hold a BA degree or higher (30% for non-Hispanic white, 17% for African Americans and 12% for Hispanics)

6) Total annual Asian purchasing power in 2007 was $459 Billion, representing a 70.8% growth between 2000 and 2007 (a lot of this money went to Louis Vuitton I bet).

7) The projected future Asian purchasing power is $670 Billion in 2012.

8) California, New York and Texas contain about half of all Asians (52%). There are about 1.7M Asians in the Los Angeles area and the New York/New Jersey area.

So you see, we are not a meek little group. We are commanding the attention of the U.S. companies with our growing population and purchasing power. I am sure Alvin Lin will agree with me on this.

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This entry was posted on June 14, 2008 by in AA issues and tagged .
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