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New Digital Platforms And Inclusive Content Enable Brands To Engage The $1.2 Trillion Asian-American Consumer Market Like Never Before

Asian American-led television shows, social media and esports present new opportunities to reach the fastest growing consumer segment in the U.S.

NEW YORK, May 18, 2020 /PRNewswire/ -- As the United States begins a path towards economic recovery, the $1.2 trillion Asian-American consumer market will play a critical role in its revitalization. For forward-looking companies and brands, the opportunity to reach the country's fastest growing and most affluent multicultural consumer group has never been more accessible, according to Nielsen's newly published Diverse Intelligence Series consumer report, Engaging Asian-American Consumers at the Dawn of a New Decade. The emergence of streaming services, the growth of Asian American-led content and the exponential rise of esports have created all-new ways to cultivate affinity with this digitally-influential and tech-savvy community.

Nielsen logo (PRNewsFoto/Nielsen) (PRNewsfoto/Nielsen Holdings plc)
Nielsen logo (PRNewsFoto/Nielsen) (PRNewsfoto/Nielsen Holdings plc)

For years, the stats on Asian-American consumers have captivated marketers. With a buying power projected to reach $1.6 trillion by 2024, the average Asian-American household income ($94,889) is 41% higher than the national average. As a result, Asian-American households spend more annually in several key categories including: housing (+24%), food (+29%), education (+128%), apparel (+67%) and new cars (+$37%). Historically, the complex diversity of the community and the lack of wide-reaching pan-Asian media have created barriers for U.S. brands. However, the mass adoption of new digital platforms and the popularity of inclusive content have helped attract and galvanize a national Asian-American audience.

Key insights featured in the report include:

  • Asian Americans are more likely to be cord-cutters

  • Asian Americans are finding more Asian American-led content on streaming platforms

  • Asian Americans are big players in the gaming industry

  • Asian Americans are going beyond live TV to get their news

"The Asian American community is at an inflection point, which has created a ripe opportunity for marketers to drive business growth," stated Mariko Carpenter, Nielsen's Vice President of Strategic Community Alliances. "Brands hoping to engage with Asian Americans must understand the critical importance of inclusive media representation and the ways Asian Americans are integrating technology for media consumption. Understanding how these forces intersect and intermingle will be the key to unlocking the potential of this market."

"This report encapsulates the incredible contributions of Asian Americans to our country's economic and cultural landscape, which will be important for marketers to recognize" said Frank Washington, CEO and Owner, Crossings TV. "Given the stress COVID-19 has placed on the Asian community in particular, thoughtful outreach at this time is highly likely to result in a path to brand loyalty."

For more details and insights, download Engaging Asian American Consumers at the Dawn of a New Decade. Please visit http://nielsen.com/asianamericans to learn more. Join the discussion on Facebook (Nielsen Community) and follow us on Twitter (@NielsenKnows).

ABOUT THE NIELSEN DIVERSE INTELLIGENCE SERIES
In 2011, Nielsen launched the Diverse Intelligence Series, a robust portfolio of comprehensive reports that focus solely on diverse consumers' unique consumption and purchasing habits. The series has become an industry resource to help brands better understand and reach ethnic customers.

ABOUT NIELSEN
Nielsen Holdings plc (NYSE: NLSN) is a global measurement and data analytics company that provides the most complete and trusted view available of consumers and markets worldwide. Our approach marries proprietary Nielsen data with other data sources to help clients around the world understand what's happening now, what's happening next, and how to best act on this knowledge. For more than 90 years Nielsen has provided data and analytics based on scientific rigor and innovation, continually developing new ways to answer the most important questions facing the media, advertising, retail and fast-moving consumer goods industries. An S&P 500 company, Nielsen has operations in over 100 countries, covering more than 90% of the world's population. For more information, visit www.nielsen.com.

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SOURCE Nielsen