Nielsen has conducted some marketing research which shows that Asian Americans are more likely to buy name brand goods over generics and shun Wal-mart for Costco.
When it comes to consumers like Mar, who splashes out on designer wear, the term “swayable shopaholic” is an adjective referring to “informed shoppers,” those willing to switch brands if they believe another brand offers more quality, notes Frank Piotrowski, Nielsen’s senior vice president working in measurement science.
The most important information for retailers is probably this – “Asian Americans have a median household income of $63,400 compared with the general population’s $49,600, and are 54% more likely to earn incomes in excess of $100,000.” Indeed.
Businesses such as hotels are paying attention. They are setting up programs and alliances that cater to Asians with translator tour guides, translated pamphets, and even monogrammed pillows.
With all the retail attention, the news that “Crazy, Rich Asians” is being turned into a film shouldn’t be too much of a surprise. Check out one website’s list of dream actors to fill the roles of the book’s characters here. And if you haven’t read the book, get yourself a copy. It’s a hilarious book, but it’s also very enlightening. You get an insider’s (albeit wildly exaggerated) view into Asian Old Money vs New Money conflicts. Really eye opening stuff.