Every 10 Consumer Dollars out of a Hundred Spent in the New York Metro Area Are Spent by Russian-Speaking Consumers.

New York, NY (PRWEB) March 15, 2004 -- A recent study by Press Release Group shows that every 10 consumer dollars out of a hundred spent in the New York Metro Area are spent by Russian-speakers.

New York, NY (PRWEB) March 15, 2004 -- A recent study of the Russian-language market in the US shows that every 10 consumer dollars out of a hundred spent in the New York Metro Area are spent by Russian-speakers.

According to Prof. Ilya Merenzon, Director of Research for Press Release Group, Market Research Company, Russian-speaking population in the New York Metro Area is growing and has reached 1.5 million people.

Currently, Russian-American market segment constitutes 6% of the total New York market. However, typical Russian-speaking consumer earns 22% more than average. Also, marginal propensity to save in the Russian community is lower than that in the other ethnic communities and analysts estimate that about 10% of the consumer dollars in New York are being spent by the Russian-speaking consumers.

We have many Russian-speaking customers" -- says Jenny Bronson, manager of upscale boutique Vision" in downtown Manhattan. And we love them. They are loyal, friendly and like to shop. We value their business" -- adds Bronson.

Russian market in New York is yet to be discovered by most of the American companies" -- says Ilya Merenzon. Currently less than 1% of marketing dollars allocated for ethnic markets end up in the Russian market. Yet this market has high potential and is likely to become a new target for American corporations looking to increase sales."

American advertising agencies are beginning to approach ethnic markets and it is very likely that expanding Russian-American market is going to draw their attention in the near future.

About Press Release Group

Press Release Group is the only research company currently studying the expanding Russian-American market. The company has become the official source of information on the Russian-American market and has frequently been quoted by both national and local media alike, ranging from The New York Times, New York Daily News, Reuters, Izvestia, New Russian World, Russian State Television, Metro Magazine and many others.

Press Release Group conducts semi-annual studies of the Russian-language audience of mass media. The company has also developed its own Ethnic Market Population Estimator Index, a unique instrument which allows the determination of the size of ethnic communities in the US.