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Friday, June 28, 2013

Market Report: Asian American Premium Brand Consumer - US - June 2013: MarketResearchReports.Biz

Table of Content

Scope and Themes
What you need to know
Data sources
Consumer survey data
Advertising creative
Abbreviations and terms

Executive Summary
Market factors
Asian population holding steady, accounts for nearly 5% of all Americans
Asian immigration overtakes Hispanic immigration, and most become citizens
Asian population is aging, but average age is younger than general U.S. population
Asians are the most likely to marry of any population group
Asians generally live in larger households than most consumers, intermarriage increasing
Asians are generally more educated than the average consumer, Indians most educated
Asians, mostly Indian, enjoy high rates of employment in remunerative fields
Asians (Indians, in particular) enjoy higher incomes than consumers of any other ethnicity in the U.S.
Asian buying power sums to a significant share in Hawaii and California
The consumer
Luxury means exclusivity and craftsmanship
Figure 1: Consumer definitions of luxury purchases, March 2013
Asian Americans are huge discount seekers when buying luxury goods
Clothing, accessories dominate luxury purchases among Asian Americans
Figure 2: Luxury/Designer brands purchase categories, by gender, March 2013
Asians purchase luxury goods once a quarter, women more often than men
Asian Americans have mixed feelings about flaunting their luxury brands, but most will not adjust their spending
Figure 3: Attitudes about luxury/designer brands, March 2013
Younger Asian consumers buy luxury goods to treat themselves and to look good, while a majority are driven by quality and craftsmanship

Asian American consumers control substantial collective buying power, but cannot be addressed as one group. Because there are multiple languages and multiple generations to address, promoters of luxury goods to Asian audiences would do well to focus on a particular Asian subgroup.
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