consumer.Ĭostco declined to comment directly on inventory and consumer strategy as it relates to Asian shoppers. As a result, Asian consumers are more than twice as likely to shop at warehouse clubs than the average U.S. Asian Americans are more likely to buy in bulk and seek bargains. Households of Asian descent tend to be larger than those of the overall U.S. On average, Asian Americans exhibit some shopping habits that differ from those of other consumers, NielsenIQ found. The untapped sales potential of Asian American consumers tallies to $13 billion, according to NielsenIQ. though the demographic also has the greatest intragroup economic disparity in the country. Asian Americans have the highest median household income in the U.S. jumped 81% from 2000 to 2019, compared with the overall population’s 16% growth, according to the Pew Research Center. The rapid growth and purchasing power of Asian Americans make the group a formidable consumer base for retailers. If their needs are being served, it inherently becomes very profitable for anyone that’s serving them,” Graham said. they’re going to be creating major market shifts. “For Asian Americans, their rate of population acceleration certainly lends to this idea that. trends,” said Kymberly Graham, head of diversity initiatives at consumer intelligence firm NielsenIQ. “There’s opportunity to take what were once held as niche or minority markets and put them central to U.S. Costco’s dominance among Asian American consumers bodes well for the warehouse retailer’s longer-term growth trajectory - and carries implications for other retailers as the industry evolves alongside a diversifying United States.
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