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If you are an entrepreneur or a business person, take note. Asian-Americans are now the biggest spenders in the U.S., which says something about our generation and could mean a great opportunity for your business.
According to a Nielsen report that came out last week, Asian-Americans clocked an average annual expenditure of $61,400. That’s 40% more than the average millennial household. Where does all the money come from? The report notes that Asian-American households are more likely to have incomes around $100,000 or more. Life’s good when you can roll around in Asian doctor money.
So what does this mean? Two things.
First, the data may suggest that ‘affluenza,’ like SARS and the bird flu, originated in Asia. Only a few generations have had it harder than those who were born and lived in the aftermath of Maoist China and the Cultural Revolution. People starved, turned against each other, the government oppressed anything liberal, it was an anti-capitalist nightmare. Ironically, the result of saving, working damn hard to be successful and surviving was… our generation; the term ‘little emperors’ has been thrown around a few times referring to rich Chinese kids, and perhaps many Gen-Y Asians really feel they are entitled trust-fund royalty. Too bad it’s classless royalty, where the worst of them only know how to use their wealth by buying the flashiest and tackiest Gucci, Chanel, Burberry, and Louis V products in existence. Rather than looking like a damn fool, remember that proper wealth isn’t about looking it so everyone around you knows. Who’re you trying to look fancy for all the time?
The second note is for the business minded. On college campuses where Asians are the highest ethnic percentage, Asian Karaoke, Boba cafes, Asian bakeries, Pho, Taiwanese shaved ice, Korean BBQ, Shanghai soup dumplings, and most importantly sushi, have become staple food products that are always packed with business. Mobile apps geared towards Asians were also pretty popular. In college, Line Bubble! and Line Pop was our shit. The lesson here is to take advantage of the opportunity. Here we see a lot of Asians with money to spend, as our generation does best, so why not cater (luxury) products and services to one of the largest and now richest demographics? An Asian future could be a rich one.