Nielsen study says Asian American households spend 19% more than US households
A study conducted by Nielsen on the consumption habits showed that Asian American households outspend US households by about 19%, the South China Morning Post reported. The study involved those who come from various ethnic backgrounds, including Japanese, Chinese, Filipino, Korean and Indian. The study also revealed that they are the top demographic as far as online shopping goes.
According to the study, 77% of Asian-Americans bought something online in the past year while only 61% of Americans made online purchases. At least $2,500 was spent by12% of Asian Americans each year on Internet shopping, an amount which is nearly twice that was spent by the general population in the US.
The report also said the study results showed that the stereotype about Asian American housewives driving their Mercedes-Benz to a discount store is true. Asian-Americans make purchases when they are on sale, with 33% of their total spending was made on special promotions. Only 27% of the spending for other ethnic groups was made on special deals.
However, Asian Americans do not make price the only gauge for their purchases. Seventy-eight percent of those surveyed said they liked to look around before finally buying an item. Two-thirds of the respondents also said they will shell out premium for quality, the report said.
This is especially true for big-ticket items. The report said, "When making big-ticket purchases, Asian-Americans are often willing to pay more, spending money where they think it counts the most."
Asian Americans were also more likely to spend more for a watch or other piece of fine jewelry. They would be almost twice as likely to pay $300 or even more for a watch or spend $400 or more for jewelry.
The willingness to spend is also related to the fact that they have higher disposable incomes. The median net worth of Asian American households is pegged at $89,300. It is higher than that of the average US households which is pegged at $68,800.