Asian American consumers: Nearing $1 trillion in buying power
By Tiffany Hsu
November 20, 2012, 10:07 a.m.
Some staggering new figures about Asian American consumers are out this month: Their buying power is up 523% since 1990, reaching $718.4 billion this year. If the demographic were a nation, itíd be the 18th-largest economy in the world.
Within five years, Asian American buying power will surge over $1 trillion, according to a report this month from Nielsen. At the moment, 28% of households in the group have annual incomes greater than $100,000, compared with 18% of all Americans.
There are 18.2 million Asian Americans now Ė the result of double-digit growth in 49 states between 2000 to 2010. Thatís the fastest expansion of any multicultural demographic, including Latinos. In a dozen states, such as Texas, Minnesota and Nevada, the growth rate in certain counties exceeds 200%.
In 2010, 430,000 new Asian immigrants surged into the country. In five years, the Asian American total will reach 20.9 million.