Asian Americans will make up 36% of all U.S. immigrants, while Hispanics make up 34%, based on Pew Research Center projections.
There is huge diversity across each Asian heritage country (Asia is not a monolith!) and for brands to win these consumers, understanding their culture and values will be critical. Origin groups are also dispersed across the USA, so custom, localized effort are needed.
Here are some PEW 2019 stats:
GROWTH: Asian Americans are USA’s fastest-growing racial or ethnic group. from 2000 to 2019, they grew by 81%, outpacing 70% among Hispanics, 20% for Black and virtually no change in White population
6 ORIGIN COUNTRIES make up 85% of Asian Americans: Chinese Americans largest at 24%, Indian 21%, Filipinos 19%, Vietnamese 10%, Korean 9% and Japanese 7%
LOCATION: 45% of U.S. Asians live in the West, nearly a third (30%) in California. New York, Texas, New Jersey, and Washington follow with 55% living in 5 states
ECONOMIC WELL BEING: Overall, Asian Americans do well but this varies widely among origin groups. In 2019, median annual household income for Asians was $85,800, vs $61,800 for all U.S. households
EDUCATION: for ages 25 and older, more than half of Asians (54%) have a bachelor’s degree or more education, compared with 33% of the U.S. population
MULTIGENERATIONAL HOUSEHOLDS: 27% of Asian Americans live this way, higher than the 19% for all Americans
Do you have a strategy to engage these consumers?