African-American Market The Selig Center predicts that African-American buying power will rise from $318 billion in 1990 to $965 billion in 2009, up by 203% in 19 years. This overall percentage gain outstrips the 140% increase in white buying power and the 159% increase in total buying power (all races combined). In 2009, the nation’s share of total buying power that is African-American will be 8.7%, up from 7.4% in 1990.
Asian Market In 2009, 14.1 million Americans — 4.6% of the country’s population — will claim Asian ancestry. The Selig Center predicts that the nation’s Asian buying power will more than quadruple from 1990 to reach $529 billion in 2009. The 347% gain from 1990 to 2009 is greater than the increases in buying power projected for whites (140%), for the United States as a whole (159%), and blacks (203%), and matches the projected gain for Hispanics.
This group is harder to target because it is made up of so many languages and cultures. “As an Asian-American, I am sensitive to watching, reading, or listening to ads that … have Asian-Americans featured in them or that have Chinese-language characters,” says Clifford Tong, the owner of Diverse Strategies, a firm that specializes in ethnic marketing.
Remodeler Michael McCutcheon works with a large Asian population near San Francisco. On his Web site, he includes references to feng shui, the ancient Chinese practice of creating a balanced environment, and Vastu, a similar practice from India.
He says Asian clients are especially sensitive to over-aggressive sales tactics. They prefer a systematic and relationship-based presentation. “When you mention you have worked for a client with a Japanese or Chinese surname, they may not know them, but it is reassuring for them to hear,” McCutcheon says.
They are less likely to tell you when they are unhappy with something. McCutcheon had Asian clients who had an issue with the tub tile installation. “They would not tell me directly what was wrong. They would not make eye contact. I had to continue asking them, ‘How did we not meet your expectations,’ before they reluctantly told us,” McCutcheon says.