After years of hard work and breaking barriers, Asian Americans have become one of the fastest-growing ethnic or racial groups in the U.S. and amassed a spending power surpassing $1 trillion.
Only several years ago, Asian Americans were seen as a “disparate community of immigrants,” but more recently, there has been a rise in the “Asian consciousness.” Rather than being separated by cultural nuances, the Asian American community stands in solidarity, celebrating our differences which have resulted in the formation of a strong cultural identity.
Nielsen’s 2020 Asian American Report dropped some facts to prove how the Asian American community is DOMINATING right now:
Breaking the Bamboo Ceiling in the Entertainment Industry
The Asian American Population Has Grown by 90% Since 2000
Surpassing the 2019 Projected Buying Power of $1 Trillion
Asain Americans represent the nation’s fastest-growing minority market, commanding an estimated 6.2% of the country’s total buying power, according to the Newswise. For 2022, we are projected to have $1.3 trillion in buying power.
Taking Over Gaming and Esports
By 2023, the global esports revenue is projected to reach $7 billion and Asia has been a driving force in the growing industry, owning the largest gaming company in the world, Tencent. Two of the top 10 highest-paid gamers in the world are Asian American: Evan Fong, known as VanossGaming, and Mark Edward Fischbach, known as Markiplier.
Pacesetters When it Comes to New Digital Platforms
Because Asian Americans are some of the earliest adopters of new technologies, we often help in popularizing these new digital platforms. 82% of Asian Americans subscribe to at least one streaming service, compared to 72% of the total population, and Asian Americans are cutting the cord to traditional TV at a rate almost twice of the total population.
Asian Americans are also supportive of culturally relevant content. With programs such as Ronny Chieng’s Netflix comedy special or an episodic series like “Ugly Delicious,” the community tends to boost content we love on social media which fuels social engagement for Asian American content.
Asian Americans more engaged online all around. We download audio podcasts at a rate that is 69% higher than the general population, and 15% more likely to use social media for our news coverage, going beyond live TV.
The hardworking creatives in our community, who are telling authentic stories from their lived experience, combined with the support of the Asian American community leads to success as a whole.
The world is finally catching on to our awesomeness.
Feature Images via Getty (left), @Awkwafina (right)