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The Market of Chinese American

The Market of Chinese American. Insights of Chinese American Market. Rudy Hsieh Account Executive/ Commercial Journalist. What You Need to Know About Chinese American.

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The Market of Chinese American

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  1. The Market of Chinese American Insights of Chinese American Market Rudy Hsieh Account Executive/ Commercial Journalist

  2. What You Need to Know About Chinese American • By 2012 census data, Chinese American make about 4.3 million of population (including Taiwanese) in the United States which makes Chinese American the largest Asian ethnical group. • 2.5 million don’t speak English or speak only a little of it(TVB 2010) • More than one in ten employment-based green cards went to Chinese immigrants in 2010. • Almost one-quarter of employed Chinese-born men worked in information technology and other sciences and engineering occupations in 2010

  3. What You Need to Know About Chinese American • Chinese-born women were more likely than Chinese born men and immigrant men and women overall to work in management, business, and finance professions in 2010. • 2.6 million people age 5 and older in the U.S.speak Chinese at home. AfterSpanish, Chinese is the mostwidely spoken non-Englishlanguage in the country. (Nielsen 2012) • 76% of Chinese American were foreign-born. • Chinese-born adults were more likely than the native born to have a bachelor's degree or higher level of education.

  4. What You Need to Know About Chinese American • More than four in ten Chinese immigrants in the United States arrived in 2000 or later. • Chinese immigrant women outnumbered men in 2010. • Chinese immigrants were less likely to live in poverty in 2010 than the foreign born overall. • About 479,000 children resided with at least one Chinese-born parent in 2010. • 28.4% of total population of international students in the United States is from China and Taiwan.

  5. Distribution of Chinese American Population

  6. Las Vegas Chinese American Population • According to 2010 Census data, about 41,000 Chinese American reside in Las Vegas making up about 0.7% of the total population in Las Vegas.

  7. Purchase Power of Asian American • 28% of households in the group have annual incomes greater than $100,000, compared with 18% of all Americans in 2010 (LA Times 2012) • Per the last published U.S. Economic Census survey of minority businesses in 2007, Asians owned and operated $1.6 million businesses nationwide, generating $514 billion in annual sales revenue. By contrast, our nation’s 2.3 million Hispanic-owned businesses in aggregate generated $345 billion in annual sales revenue  - 33% less than that for Asian businesses. 

  8. Purchase Power of Asian American • According to the Selig Center at the University of Georgia, Asian-American purchasing power in 2009 reached $509 billion, representing an 89% increase in purchasing power since 2000, and nearly twice the purchasing power growth rate for the total U.S. population during the same period. • Cost Efficient Reach • Almost 1,000 targeted media outlets reaching Asians nationally, with lowest CPMs (Cost Per Impression) of all consumer segments.

  9. Chinese American Purchase Behavior (World Journal 2006) • More than half regularly buy entertainment goods such as DVDs or CDs or rent movies. (World Journal 2006) • Nearly half regularly go to the movies (World Journal 2006) • Chinese Americans also regularly play the lottery, go to theme parks, go to casinos, attend major art exhibitions at a gallery or museum and attend live music events. (World Journal 2006)

  10. Chinese American Purchase Behavior (World Journal 2006) • 96% of Chinese Americans have insurance • 83% have medical insurance • 83% have auto insurance • 65% have life insurance • 64% have homeowners insurance • Top Frequent Flyer Program United • Top Car Rental Company Used Hertz • Top Cruise Line Taken - Past 3 years Carnival

  11. Chinese American Purchase Behavior (World Journal 2006) • 66% of Chinese Americans have internet access • 60% of those have made a purchase online in the past year. • Consumers spend over $900 annually online. • More than 1/3 are very likely to make online purchases within the next 3 months.

  12. Characteristics of Chinese American • Chinese American tend to live with multiple generation of families meaning if you can successfully capture one generation of Chinese American, you can pretty much capture multiple generations of Chinese American in general. • Chinese immigrants are closely bound with their peers in Mainland China, Taiwan, or Hong Kong which makes them the best channel of word of mouth when marketing on those region. They are usually the opinion leaders when it comes to consuming in the United States.

  13. Characteristics of Chinese American Consumers • Consumers prefer foreign brands in some categories, notably electronics, and prefer Chinese brands in others, such as personal care. But the good news for global companies is that the younger and more affluent consumers are, the more likely they are to favor foreign brands. (McKinsey & Co. 2012) • Chinese American care about their social status more than other ethnical group. • Good reputation

  14. Characteristics of Chinese American Consumers • Chinese American like to bring presents when they visit families, friends, customers/clients, or even business partners.

  15. Key Points of Service/Market to Chinese American • In Language • Branding • Simplified process

  16. Asian American – Valuable but Overlooked Market • Main reason of Asian American market are usually overlooked because many American brands already have the trust and support of the Asian American community. • As a group, Asian Americans spend more than the average U.S. household on housing, food, education, financial products, vehicle purchases and more. “Many brands say, ‘They’re already buying my product — why do I need to target them?’” says Saul Gitlin, executive vice president of strategic services for the Kang & Lee agency. “But that’s a double standard — they would never say that about white people who also buy their products.”

  17. Asian American – Valuable but Often Overlooked Market • Questions about double standards aside, marketers believe that the Asian propensity for modesty — that is, laboring and achieving in relative silence — runs counter to American traditions of grievance and protest. Thus Asian Americans may be unwittingly complicit in their neglected status among marketers. 

  18. Sources of Chinese Personnel • UNLVChinese Students & Scholars Association (UNLV CSSA) • http://unlvcssa.com/index1.html/index.html • Facebook: https://www.facebook.com/groups/173986447644/ • UNLV Taiwanese Students Association (UNLV TWSA) • unlvtwsa@gmail.com • Facebook: https://www.facebook.com/groups/unlvtwsa/

  19. Information Source • 2012 Census • Chinese American Media Consumption and Purchasing Behavior Survey 2006 Provided by Chinese Daily News (World Journal) • Marketing to Asian Market (Delivery Magazine) • 2012 Neilsen Asian American Consumer Report • TVB 2010 Asian American Consumer Report • McKinsey & Company: Consumer & Shopper Insights 2012 • Forbes • Advertising Age • LA Times • Wall Street Journal

  20. Questions

  21. Thank You

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