Houston Community News >> Asian American Most Affluent Group in the U.S.
8/3/2006-- With total buying power in excess of $400 billion, Asian Americans represent the single most affluent consumer group in the United States, according to Asian Americans in the U.S., a new report from market research publisher Packaged Facts.Advertisement
With a higher per capita income than non-Hispanic whites, Asian Americans also trump their Hispanic counterparts with a per capita income that is 85% higher-$25,786 vs $14,007-and a median-household income more than 50% higher- $56,161 vs $35,929.
While Hispanics have often been portrayed as the fastest growing U.S. demographic, the Asian population of nearly 13 million has grown at a rate of only 1% less than that of Hispanics in the last five years. Packaged Facts projects that the Asian-American population will grow to 14.6 million by 2010, representing a cumulative growth of 14.7%
Asian Americans tend to be wealthy, with a higher proportion of Asian- American households earning $100,000+ compared to non-Hispanic whites. Similarly, although their population base is much smaller than Hispanics and African Americans, there are more Asian-American families with incomes topping $100,000, and both Asian men and women outpace other ethnic groups with their annual incomes.
"What we're seeing here is a high growth, high income market that is willing to spend, yet very conscious about their purchasing decisions," said Don Montuori, the publisher of Packaged Facts. "Asian Americans love to shop and will shop for the best deal. They're big on family, designer items, technology, internet shopping, and healthy living, and are very open to all modes of promotion making them an excellent target market."
(Contributed by AP)