Nielsen today unveiled its "Informed Influencers and Powerful Purchasers" report of the 22.6M Asian-American market, a demographic that it believes “offers unparalleled marketing opportunity for business and brands.”
Mariko Carpenter, VP-strategic community alliances, presented some key findings during a luncheon at the New York Stock Exchange.
She mentioned that Asian-Americans have moved into the national spotlight following success of the movie “Crazy Rich Asians,” Sandra Oh’s “It’s an honor just to be an Asian” declaration during the Emmys, New York Fashion Week’s first-ever all-Asian runway show by designer Claudia Li and a Hmong-American baby beating out 544K others to notch the 2019 “Gerber Baby of the Year” contest. Asian-Americans also turned out in record numbers during the November election.
Nielsen believes those dramatic cultural touchstones show that Asian-Americans are a key force shaping the country's mainstream.
Asian-Americans are the fastest-growth ethnic or racial group in the US, combining for $1T in buying power. That buying power will grow to $1.3T in 2023, "with a powerful long tail of younger and bigger spenders," says the Report.
Nielsen calls the Asian-American group “tech-enabled, digitally vocal influencers with immense spending power, which has risen 68 percent since 2010 (vs. 32 percent for the total U.S.)."
They have the highest level of internet connectivity, connecting to TV through broadband and subscription video on demand faster than the general population, according to Nielsen.
Asian-Americans represent more than two dozen countries and are “expert navigators between the influences of the native cultures and those of mainstream America.”
Read the report at www.nielsen.com/AsianAmericans.