So what do these figures mean? Asian-Americans have a large buying power and this demographic group shouldn't be overlooked. How big? As reported by Nielson in their "State of the Asian-American Consumer" report, their buying power is $718 billion!
How should you market your products to Asian-Americans? As always, DO YOUR RESEARCH! Here are some interesting facts and tips to help you get started:
1. English is not the predominant language spoken in most Asian-American homes (77% speak a language other than English). Explore the possibility of advertising in an Asian language.
2. 70% of Asian-Americans own a smartphone as compared to 55% of all Americans. Explore social media as an advertising tool. Also, optimize your website for mobile viewing.
3. Nielsen reports that Asian-Americans spend more time online (80 hours/month) than any other demographic group. Make sure your website is eye-catching and easy to use. Also, try to gain customers through the development of an interesting newsletter.
4. When grocery shopping, Asian-Americans are less likely to plan their purchases ahead of time as compared to non-Hispanic whites. In-store atmosphere (including product variety, signage/displays, and promos) is most appealing. Include a variety of products in your store that appeal to Asian-Americans with signage to steer them to these items.
Take the time to explore different demographic groups and how they shop. Is your product lineup and/or store appealing to different types of people? If not, how can you improve your image to different shoppers? Have you tried marketing specifically to one type of demographic group? If so, what did you do and how did your marketing campaign pay off?