(Los Angeles Times) Some staggering new figures about Asian American consumers are out this month: Their buying power is up 523% since 1990, reaching $718.4 billion this year. If the demographic were a nation, it’d be the 18th-largest economy in the world.
Within five years, Asian American buying power will surge over $1 trillion, according to a report this month from Nielsen. At the moment, 28% of households in the group have annual incomes greater than $100,000, compared with 18% of all Americans.
They shop more often than their white counterparts but are less likely to use shopping lists or coupons, meaning that they’re more likely to be influenced by the product assortment, signage and deals in stores.Asian American consumers: Nearing $1 trillion in buying power