Monday, June 22, 2015

Asian American buying power to hit $1 trillion by 2018

In one year, Asian-American buying power has increased by more than $50 billion. By 2018, that number is expected to reach $1 trillion, a consumer report says. In the third edition of Nielsen’s Asian-American consumer report, “Asian-Americans: Culturally Connected and Forging the Future,” the media research company examined the unique consumption behaviors of the fastest-growing and most racially diverse segment of America’s multicultural majority. 

Asian Americans represent just 6 percent of the total US population, but posted a growth of 46 percent from 2002 to 2014. From now through 2050, US Census projections state the group is expected to increase by 150 percent. Divided into three sections, the report revealed details on Asian-American consumption habits related to culture and technology, and the projected increase in buying power. 

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