Asian-Americans represent about 5.6% of the U.S. population. Despite the fact that non-Hispanic and Pacific Islanders account for the smallest multicultural segment, they represent the second fastest-growing ethnic group at about 20%.
Analysis from Claritas, a custom audience-targeting company, estimates about 13.4% of Asian households will earn more than $200,000 in 2019. And during their lifetime, Asian households will spend $1.2 million more than non-Hispanic white households.
In fact, the U.S. Asian household earns an estimated $116,319 annually -- about 36% more than other U.S. households, and 22% greater than income for white households.
The company expects to release the findings from the study this week.
In this second report of the New American Mainstream series, Claritas studied the Asian-American population in terms of growth, household income, acculturation, countries of origin and cumulative lifetime spending.
Asian-American households spend about $3,000 annually on apparel -- 15% more than average U.S. households for all apparel subcategories including men’s, women’s and children’s clothing and footwear.
This group also spends roughly $5,000 annually on food at home -- about 6% more than average U.S. households, especially for rice and seafood products.
And they spend nearly $12,000 annually on transportation -- about 10% more than average U.S. households, including for new cars and trucks.
Although many Asians in the U.S. are acculturated, 62% retain their culture of heritage at least to some degree.
The analysis found that most of the Asian population in the U.S. live in Los Angeles, New York, San Francisco, D.C., Chicago and Seattle. Recently, there has also been significant growth in Houston, Dallas, Atlanta, Las Vegas and Phoenix.
The report also calls attention to the diverse group.
Asians in America come from more than 40 different countries such as India, China, Vietnam, Korea, and the Philippines.
This group represents a wide variety of cultures, languages, and preferences. Unlike Latinos, Asian Americans don’t share one language, which makes it difficult to deliver a consistent message.
Chinese plus Taiwanese form the largest Asian country of origin segment at 23%, followed by slightly decreasing portions of Asian Indian, Filipino, Korean, Vietnamese and Japanese.
The sheer multitude of nationalities represented by "Asian" designation makes any "focus" a colossal waste of managerial effort. It may even be insulting to those groups.