Asian Americans are the fastest growing ethnic segment with a 51% increase since 2000 and a buying power of $718.4 billion in 2012, which is expected to top $1 trillion by 2017.
Los Angeles, CA (PRWEB) August 26, 2013
PCA is seeing an increasing trend in multicultural marketing ensuring that brands will resonate more with the Asian American consumers. Schools and universities are ramping up for 2013/2014 school years and so is the retail industry. According to National Retail Federation 2013 Back-to-School Survey conducted by Prosper Insights & Analytics, families with school-age children will spend an average $634.78 on apparel, shoes, supplies and electronics. Total spending on back-to-school is expected to reach $26.7 billion. Total back-to-school and back-to-college spending combined will reach $72.5 billion.
“Companies are coming out with enticing advertisements and promotional efforts to attract consumers to purchase their products and services. More and more big brands are utilizing targeted marketing, not only directed to a particular age group or grade level but to the diverse ethnic groups that make up the U.S. market.” said Rey Lozano, VP of Marketing at PCA. According to a study conducted by Nielsen, Asian Americans are the fastest growing ethnic segment with a 51% increase since 2000 and a buying power of $718.4 billion in 2012, which is expected to top $1 trillion by 2017.
Additionally, a survey by Y Pulse among high school and college students, Asian American teens spend an average $140.97 per month on fashion, the most of any ethnic group, while white teenagers spend the least ($111.58)  . There is a great opportunity for brands to take advantage of the lucrative Asian American segment by focusing their marketing efforts and making use of ethnic media – TV, print, and online (which have the highest penetration amongst Asian Americans)  . If companies haven’t taken advantage of this opportunity in the past, the back-to-school season would certainly be a promising time to start.
PCA is a full service minority owned multicultural marketing & communications agency with an emphasis on the Asian American market. For over a decade, the agency has been a leader in providing integrated campaigns for Fortune 1000 companies. Located in Los Angeles and New York, our mission is to provide a unique approach to captivating audiences, become a valued partner to our clients and establish ourselves as leaders in the Asian American community.
PCA has served a wide array of clients including Verizon, Gilead Life Sciences, Warner Music Japan, Samsung Electronics, Philippine Airlines, International Media Distribution, Anheuser Busch, Diageo, Lionsgate Entertainment and the Los Angeles Dodgers.
For more information, please visit http://www.plancagency.com.
：National Retail Federation’s 2013 Back-To-School survey conducted by Prosper Insights & Analytics (http://www.retailsolutionsonline.com/doc/back-to-school-season-spending-expectations-decrease-after-historic-0001)
: 2012 State of the Asian American Consumer by Nielsen (http://www.nielsen.com/us/en/newswire/2012/asian-american-consumers-base-has-tremendous-buying-power-still-growing.html)
: 2012 State of the Asian American Consumer by Nielsen (http://www.nielsen.com/us/en/reports/2012/state-of-the-asian-american-consumer-q3-2012.html)
CONTACT: Amy Wang
PR & Media Supervisor
Tel: (213) 407-0599