Presentation on theme: "Multicultural Marketing Division EMERGING SUNRISE EMERGING SUNRISE Understanding the Asian Market and Customer."— Presentation transcript:
Multicultural Marketing Division EMERGING SUNRISE EMERGING SUNRISE Understanding the Asian Market and Customer
Households by Race 2006WhiteBlackAsianHispanic Households by Race94,092,67113,541,4383,800,75411,493,418 Percentage ChangeWhiteBlackAsianHispanic Households by Race 5.81%7.90%15.40%16.23% 2011WhiteBlackAsianHispanic Households by Race99,558,90414,610,9574,386,03513,358,858
59.9% of Asian households are owner-occupied. Asian American have the highest median home values of any group in the U.S. Asian-American Demographics
Overall population registered a growth increase of 18% Asian-American Population Growth Rate Source: U.S. Census Bureau –2004: Issued July 2006
The sub group distribution changed from 2000 to 2004 Asian Indian has grown to 2nd largest in the sub markets Chinese continues to be the largest segment Source: U.S. Census Bureau –2000: Issued February 2002 Asian American Population Composition
Orientation to the Asian American Market Segment
Asian American Generalizations Value Conscious Courtesy and Hospitality Humility Social Relationships Before Business Relationships
Family & Community Family’s buying decision is strongly influenced by the well-being of their children. Family Oriented. Great emphasis is placed on strong family relationships. Extended family is considered just as important. It is common for parents to financially contribute towards the purchase of a home for their children.
Although generally non-confrontational, Asians won’t hesitate to voice their opinion when necessary. Non Confrontational by Nature While there are exceptions, most Asian Americans are conservative and reserved by nature. When an issue occurs, they will not disagree openly in an effort to save face and respect the other party.
Faith, Philosophy and Celebrations Birth of a child, birthdays for the elderly and weddings are communal celebrations. Strong sense of faith often influences their family, lifestyles and belief systems. Oral traditions, philosophy and superstitions are influential components especially with Feng Shui.
EXERCISE D efine the meaning colors and numbers… Colors Red – Chinese Good luck; Koreans MourningRed – Chinese Good luck; Koreans Mourning White – Asians – Death, funeralWhite – Asians – Death, funeral Black – Asians – Bad luck, death, funeralBlack – Asians – Bad luck, death, funeral Purple – Asians – not worn to happy events, “wouldn’t last”Purple – Asians – not worn to happy events, “wouldn’t last” Numbers 3 & 7 – Koreans - lucky3 & 7 – Koreans - lucky 4 – Chinese – Sounds like death4 – Chinese – Sounds like death 5 - Chinese – Sounds like no or negate5 - Chinese – Sounds like no or negate 8 – Chinese – rich/luck8 – Chinese – rich/luck 9 – Japanese – Sound (word) for suffering 9 – Japanese – Sound (word) for suffering
Asian Practical Tips Do Be humble Value social relationships Talk about family and praise them Be sensitive to modes of communication Hand business card in both hand facing them Don’t Assume that their English is not proficient Be overly aggressive Assume that they don’t understand Embarrass or put on the spot Point with your finger Talk down
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