If Asian Americans Were A Country, They Would Represent the 18th Largest Economy In the World

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Collectively, Asian American buying power has risen 523% since 1990 to $718.4 billion in 2012. If Asian Americans were a country, they would represent the 18th largest economy in the world, providing a tremendous domestic growth opportunity. Buying power in this demographic is expected to top $1 trillion by 2017.

 

Asian Americans spend substantially more on fresh produce and healthy foods. In many Asian countries, the common diet is based on fruits, vegetables and grains. Rice is the centerpiece of most meals and unlike Western cuisine; meat is used for accent and flavor, typically as a side dish. Asian Americans’ household over index on baby products such as baby food and diapers. Although Asian American and Non-Hispanic White fertility rates are similar, Asian Americans skew younger and are more likely to be at a stage in life where they are raising young children.

 

Asian Americans are less likely than their White counterparts to plan their grocery purchases as evidenced by the fact that they are less likely to use a shopping list and clip coupons. Once in the store, however, the purchase decision process may be swayed by product assortment, signage and deals. In fact, almost one-third of Asian American grocery dollars are spent on deals versus one-quarter of non-Hispanic White dollars (32% vs. 26%). Studies have shown that when coupons are in-language or inserted in Asian newspapers, there is a much higher redemption rate.

 

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Source: State of the Asian American Consumer, Nielson