Asian American purchasing power is growing. The total purchasing power of Asian American will hit $1 Trillion by 2018. A summary of the report is here.
Particularly in areas of digital consumption, Asian Americans tend to outspend other consumers. They are:
• 31 percent more likely to shop online
• 29 percent more likely to bank online
• 37 percent more likely to visit digital apparel/merchandise stores compared to non-Hispanic whites
At just 5.3 percent of the population, Asian American spending contends with Blacks at 13 percent, spending approximately $1 trillion, and Hispanics at 17 percent, spending approximately $1.4 trillion.
While this paints an impressive picture of economic clout, Asian Americans, and the overlooked Pacific Islander demographic, are hardly monolithic, a warning for businesses and marketers overgeneralizing.
Asian Americans need to use this financial power and force social changes. At minimal, we need to stop supporting businesses that are racist against Asians and Asian Americans.