Just Release: Asian American Premium Brand Consumer Market Analysis in US - June 2013

Press Release  •  Jun 28, 2013 08:50 EDT

Asian American consumers control substantial collective buying power, but cannot be addressed as one group. Because there are multiple languages and multiple generations to address, promoters of luxury goods to Asian audiences would do well to focus on a particular Asian subgroup.

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Scope and Themes

What you need to know

Definition

Data sources

Consumer survey data

Advertising creative

Abbreviations and terms

Abbreviations

Terms

Executive Summary

Market factors

Asian population holding steady, accounts for nearly 5% of all Americans

Asian immigration overtakes Hispanic immigration, and most become citizens

Asian population is aging, but average age is younger than general U.S. population

Asians are the most likely to marry of any population group

Asians generally live in larger households than most consumers, intermarriage increasing

Asians are generally more educated than the average consumer, Indians most educated

Asians, mostly Indian, enjoy high rates of employment in remunerative fields

Asians (Indians, in particular) enjoy higher incomes than consumers of any other ethnicity in the U.S.

Asian buying power sums to a significant share in Hawaii and California

The consumer

Luxury means exclusivity and craftsmanship

Figure 1: Consumer definitions of luxury purchases, March 2013

Asian Americans are huge discount seekers when buying luxury goods

Clothing, accessories dominate luxury purchases among Asian Americans

Figure 2: Luxury/Designer brands purchase categories, by gender, March 2013

Asians purchase luxury goods once a quarter, women more often than men

Asian Americans have mixed feelings about flaunting their luxury brands, but most will not adjust their spending

Figure 3: Attitudes about luxury/designer brands, March 2013

Younger Asian consumers buy luxury goods to treat themselves and to look good, while a majority are driven by quality and craftsmanship

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