The buying power of Asian Americans will top $1 trillion dollars in three years, according to the newest report from Nielsen, a consumer research firm. That’s four times higher than the millenial group in the U.S. That’s also larger than the entire economies of all but 18 countries.
This tremendous buying power is attributed to two main factors–higher educational achievement and, as a result, higher income.
49 percent have college degrees, compared to 28 percent of the U.S. population. There are also more wage earners in each household because there’s a greater proportion of multigenerational households among Asian Americans.
79 percent of Asian Americans under 18 are American born. 79 percent of Asian American over 18 are foreign born.
Buying patterns of various Asian American subgroups may differ, as do their educational and income levels.
You can download a full copy of the report here.