CONGRESSMAN LIEU STATEMENT ON NEW NIELSEN ASIAN-AMERICAN CONSUMER REPORT
FOR IMMEDIATE RELEASE
WASHINGTON - Today, Congressman Ted W. Lieu (D | Los Angeles) issued the following statement in response to a new study released by Nielsen and its Asian Pacific American External Advisory Council, which provides an in-depth analysis of the expanding cultural and economic footprint of Asian-Americans consumers.
“Asian-American and Pacific Islanders (AAPIs) are now the fastest growing immigrant population in the United States. What Nielsen's report on AAPI consumer trends demonstrates is that as the demographic continues to grow, so does its substantial purchasing power. The bottom line is this: cultural and economic trends are now shifting to reflect the preferences of AAPI consumers.
“The Nielsen report shows that Asian-Americans currently have a buying power worth $825 billion, which is larger than the buying power of all but 17 countries. By 2020, Asian-American buying power is expected to rise to $1.1 trillion. As marketers and companies look to appeal to America’s diverse and growing immigrant population, it is important for them to understand how to connect with and appeal to this multifaceted group. Through data and analysis, the Nielsen report provides companies with resources to do just that.
“Immigrants always have been, and always will be, the engine that drives our nation forward. At a time when some political leaders choose to spew anti-immigrant rhetoric, our society must be reminded of the great contributions, particularly to our nation’s economy, of the millions of immigrants in the United States. Now is the time to embrace our nation's multiculturalism and seize the opportunity to appeal to new and growing demographics.”