Tag: Asian Americans by the Numbers, Lunar Year, Chinese New Year, Socioeconomics of Asian Americans
In the Asian culture, celebration of the Lunar New Year is more common than the calendar new year. 2016 is the year of the monkey, which is the ninth of the twelve animals in the Chinese zodiac. If you were born in 1920, 1932, 1944, 1956, 1968, 1980, 1992, or 2004, you’re a “monkey” and this is your year. As we celebrate the Lunar New Year, we also looked at the Asian population in the US. This is quite fascinating since, according to the Census, the Asian population is the fastest growing ethnic group in the US. The rapid growth of the Asian population will inevitably reshape the US culture, business, and politics in coming years.
This fast growing segment is desirable to many marketers and politicians but yet undiscovered. As a matter of fact, Market Research among Asian Americans requires both expertise and cultural sensitivity. A unique challenge for this group is the variety of languages spoken. Unlike Latinos who speak Spanish (albeit subtle differences across different Spanish-spoken countries), the Asian population is a mix of various nationalities with multiple languages, including Mandarin, Cantonese, Korean, Japanese, Vietnamese, Hindu, etc.
In discussion of the Asian Americans, people often highlight the fact that the group shows higher income and higher education than the general population. But what is often overlooked is that the poverty levels among this group is on par with the nationwide average, indicating varying socioeconomic levels. Therefore, when it comes to understanding Asian Americans, identifying underlying factors that drive surface level trends is key.
Our market landscape will evolve with the increasingly diverse population. As a marketer, how would you react to that?
