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Asian Americans are
the fastest growing ethnic group in America. |
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Overall, the Asian-American population grew 48% from
1990 to 2000, |
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more
than four times the growth rate of the U.S.
population. |
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With $254 billion in annual buying power, Asian
Americans are a
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powerful force in the U.S. consumer
market. Over the past decade, |
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their spending power has increased 125%, from
$118 billion in 1990 to
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$253 billion in 2001. Projections from the Selig
Center for Economic
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Growth indicate that Asian-American spending
power will reach $528
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billion by 2009, an increase of nearly 347% since
1990. |
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According to the 2000 Census, the five states with
the largest Asian- |
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American markets account for 62% of the group's
buying power. |
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By
comparison, the five states with the largest total
U.S. buying |
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power
account for 38% of the total U.S. buying power. |
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Asian-American Buying Power |
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Rank |
State |
Population (MM) |
2003 Buying Power ($B)* |
2008 Buying Power ($B) |
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1 |
California |
4.0 |
$122 |
$176 |
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2 |
New York |
1.0 |
$34 |
$51 |
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3 |
New Jersey |
0.5 |
$21 |
$34 |
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4 |
Texas |
0.6 |
$20 |
$34 |
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5 |
Hawaii |
0.5 |
$17 |
$21 |
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Source: U.S. Census Bureau,
2000;Selig Center for Economic Growth, 2003 |
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Hispanic Demographics and Statistics |
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U.S. Businesses Owned
by Hispanics Top 1 Million;
California, Texas, Florida
Lead |
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States, Census Bureau Reports
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Houston |
Number |
Percent |
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Total Population
|
1953631 |
100.00% |
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Hispanic or
Latino (of any race) |
730865 |
37.41% |
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Mexican |
527442 |
27%
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Puerto Rican |
6906
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0.35% |
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Other Hispanic or
Latino |
191547 |
9.8% |
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Not Hispanic or
Latino |
1222766 |
62.59% |
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White alone
|
601851 |
30.81% |
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Hispanic-owned businesses in the United States
totaled 1.2 million firms, employed over1.3 million
people and generated $186.3 billion in revenues in
1997, according to a report released today by the
Commerce Department's Census Bureau.
Hispanic-owned firms made up 6 percent of the
20.8 million nonfarm businesses in the nation and 1
percent of the $18.6 trillion in receipts for all
businesses. |
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Capturing the Loyalty of a Critical Market
Segment |
Multiculturalism is redefining what it means
to be American today. With the changing
appearance of the U.S. population comes new
definitions of the U.S. consumer and new
dilemmas for marketers trying to reach those
whose tastes, customs and language may differ
from what is commonly know as "general
market". Culturally relevant marketing plans
will become increasingly critical as the
population becomes more diverse and the buying
power of U.S. Hispanics becomes more
significant.
The biggest mistake that a company can
make is to view the U.S. Hispanic market as
homogeneous. Acculturation levels, language
preferences and country of origin make for
unique sub-groups within the segment. |
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CMT has the experience, knowledge, expertise,
connections and resources to successfully
penetrate your business and its message into
these two very dynamic market segments. |
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