By 2024, Asian American buying power is projected to reach $1.6 trillion, according to data provided by the U.S. Census Bureau and the U.S. Bureau of Economic Analysis.
According to Claritas data, the average Asian American household has an income 34% higher than the national median household and spent 11% more annually on retail than the average U.S. household in 2021.
Leveraging insights like these, and hundreds more from Claritas can help retail marketers harness the power of this growing market. A market that has the means and willingness to spend big dollars on retail products and services.
With the data and insights from our Asian American Retail Report, you’ll be able to better identify, understand and engage these multicultural consumers. In this report, we will dive deep into their consumer preferences and attitudes toward retail shopping. See some of our U.S. Asian retail insights, below:
- 74% of Asian adults shopped online in the past 3 months on Amazon.com and 44% of Asian adults bought consumer electronics in the past year from Amazon.com.
- The top 3 department stores where Asian adults shopped at in-store were Target, Walmart, and Costco.
- 71% of Asian Americans like to compare prices across different sites before purchasing something online.
- 32% of Asian adults say it’s important to visit or use social networking websites to receive exclusive offers, coupons or other discounts.
To learn more about how Claritas can help you identify your best multicultural audiences, contact us at 800.234.5973 or visit www.claritas.com