As a market of "superlatives," the Asian American market represents an ideal target audience for marketers in a diverse range of product categories:
As of Census 2000, the Asian American population numbered 11.9 million, or 4.2% of the total U.S. population. This population is highly concentrated, with over half of all Asians residing in 3 states alone (CA, NY, TX). In California, which is the single largest state market in the country, Asians represent 12% of the state population
With 49% population growth between 1990 and 2000, Asian Americans have the fastest population growth rate of any racial group in the nation
Asians have the highest median household income of all groups in the U.S. - almost $10,000 higher than that of Caucasian households
Asians have the highest level of educational attainment of all groups in the U.S., with 44% holding at least a Bachelor's degree
Asians also have one of the strongest rates of business ownership, managing more than 800,000 businesses nationwide that generate $302 billion in annual sales (Sources: Census 2000, US Economic Census 1997)
Asian households spend the most on telecommunications services. They are "high-value" consumers of diverse financial services including banking, insurance, and brokerage. Asians are the most likely of all groups (including Caucasians) to purchase luxury automobiles, and they are prime prospects for a wide range of retail marketers in critical sales regions of the country.
However, the potential of this lucrative market has yet to be tapped by a diverse range of categories including consumer packaged goods, personal computers, travel and leisure, and healthcare and pharmaceutical, just to name a few. For brands in these categories, the Asian American market still offers what may be the last, first-mover opportunity to seek bottom-line business growth from consumers who are, on average, the most affluent and ready to buy.
The Asian American Opportunity