Asian Americans: Starting Businesses, Creating Jobs and Flexing Consumer Muscle
The impact of Asian Americans on the U.S. consumer economy is growing, according to a new report from research firm Nielsen.
Members of this demographic group are starting businesses, creating jobs and contributing to the U.S. economy in a stunning fashion.
Asian Americans now have $825 billion in consumer buying power – and Nielsen expects this to rise to $1.1 trillion by 2020.
What’s more, members of this group, which includes people from many different cultures, are joining the U.S. heartland as never before.
Once concentrated in the West and Northeast, Asian-American communities are expanding in the Midwest and South.
Some key findings from Nielsen’s report include:
Asian Americans are diverse hail from over 40 countries of origin.
“Between 2009 and 2014, immigration, relocations, and new births have led to a population increase of 33% (over 1.1 million) in the South and 29% (538,000) in the Midwest.
The South saw the highest growth in Asian-American buying power (43%) between 2010 and 2015 and is projected to continue to see the highest growth in the next five years.
Of the 87 U.S. startup companies valued at over $1 billion with the potential to become publicly traded on the stock market, 19 were founded by Asian-American immigrants.
In the U.S. Census’ recently released Survey of Business Owners, the number of Asian-American-owned businesses grew by 24% between 2007 and 2012 and claimed the highest percent sales increase (38%) of any racial or ethnic group.
Of the 11.6 million Asian Americans in the workforce, about 70% are employees of for-profit businesses, 12% are government employees, 7% work for nonprofits, and 9% are self-employed, while 1% are unemployed.”
These are some powerful research findings, and they will surely influence the decision-making of marketers, businesses and politicians for years to come.
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