US Marketing to Asian Millennials Report 2023
£ 3,695 (Excl.Tax)
Description
This report reviews the Asian Millennial consumer in the US. Consumer preferences, market drivers, and marketing gaps/strategies are revealed in this report. Below, we’ve summarised the key areas covered and offer handpicked insights from the report itself.
Key Areas Covered
- Life satisfaction and future aspirations.
- Key anxieties and stressors.
- Self-assessment of professional and personal capabilities.
- Current contentment with life.
- Financial and social behaviours.
American Millennial Consumer Overview
Millennials are currently ages 27-43 and make up 22.9% of the US population. They are in a variety of life stages, including establishing themselves in their careers, buying homes, and starting families. Marketers should take a nuanced approach to connect with Millennials, as Younger and Older Millennials have different needs and Millennials are racially and ethnically diverse.
Understanding the Experience of Asian Americans
Asian Americans have been underrepresented in media and advertising for many years, and a 2023 study found that hate crimes against the AAPI community had doubled from 2019 to 2020. However, the situation is starting to change, thanks in part to the huge fandom around Korean music and increased accessibility of Asian content through streaming systems.
To address the issue of Asian representation, brands need to feature authentic portrayals of Asian Americans that reflect the diversity of their experiences.
Asian American Consumer: Marketing Case Study
P&G’s “The Name” campaign paved the way by inviting viewers to share their names and stories on a microsite, which was then used to create a tool to ensure proper pronunciation of names. The campaign has continued to receive recognition and has been credited to a host of Asian creators who inspired and shaped it.
For a complete analysis of marketing opportunities available to brands, buy the full report. Alternatively, you may want to browse our Asian American Beauty Consumer Report or Marketing to Asian Moms Report.
Additional Features Included in Your Report
Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentation, as well as an Infographic and an Excel Databook.
Mintel’s Clients Portal: Our portal offers instant access to actionable analysis and trends pieces relevant to your industry that are published almost daily. You can also browse for more market research reports.
Expert Analysis
This report, written by Carol Wong-Li, a leading consumer and culture analyst, discusses opportunities to market to Asian Millennials with this in-depth report.
Asian Millennials have influence beyond their numbers, thanks to their high income and education levels and growing cultural clout. However, this audience is far more complex than it seems, with numerous languages, cultures and socioeconomic factors at play. With Asians all too often left unrepresented, targeted, authentic campaigns can help capture their loyalty.
Carol Wong-Li
Director, Consumers & Culture
Table of Contents
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Overview
- What you need to know
- This Report looks at the following areas
- Definition
- Market context
- What you need to know
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Executive Summary
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- Top Takeaways
- Consumer trends
- Pride in their accomplishments
- Figure 1: Current life satisfaction, by key demographics, 2023
- Some (but not all) near-term goals achieved
- Figure 2: Life aspirations and achievements by age 30, 2023
- Finances and the future cause some stress
- Figure 3: Biggest stressors (any rank), 2023
- Opportunities and strategies
- Represent the Asian demographic in all its complexities
- Address the home ownership gap
- Asian Millennial women lag when it comes to financial planning
- High satisfaction with life, though East Asians feel the pressure
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Asian American Millennials by the Numbers
- A substantial group facing critical life transitions
- Figure 4: Population by generation, 2018-28
- Millennials make up largest share of Asian demographic
- Figure 5: US population by race and generation, 2023
- High diversity within the Asian American population
- Figure 6: Asian population, by country of origin/heritage, 2020
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- Figure 7: Asian Demographics, by country of origin/heritage, 2019
- Generally, more affluent and educated than other Millennials
- Figure 8: Median household income, by race and Hispanic origin of householder, 2020
- Figure 9: Educational attainment of people aged 18 or older, by age and race and Hispanic origin, 2020
- Exploding the model minority myth
- Figure 10: Beef Netflix trailer, 2023
- A substantial group facing critical life transitions
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Market Factors
- Current economy a new experience for Millennials
- Figure 11: “Inflation is limiting how much money I am able to save” (any agree), Younger Millennials vs Older Millennials, 2023
- Fight against AAPI hate continues
- Figure 12: Asian American Federation “I’m Really From” campaign, 2022
- Strong users of digital
- Figure 13: Digital activities, by millennials, 2023
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- Figure 14: Social media sites visited daily, by millennials and Asian millennials, 2023
- Figure 15: Frequency of online shopping in the past 12 months, by generation, 2022
- Homeownership growing for Asian Millennials
- Current economy a new experience for Millennials
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Competitive Strategies and Market Opportunities
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- Meeting Asian Millennial needs through the lens of the Rights Trend Driver
- Being seen is just the start
- Figure 16: Attitudes towards Asian American representation (Any agree), 2023
- P&G recognizes the power of a name
- Figure 17: P&G Names project, 2022
- Meeting Asian Millennial needs through the lens of the Identity Trend Driver
- Food as a gateway to culture
- Figure 18: MìLà website, 2023
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- Figure 19: DrinkSanzo Instagram Post, 2023
- Meeting Asian Millennial needs through the lens of the Experiences Trend Driver
- Northwestern Mutual makes financial planning come alive
- Figure 20: Northwestern Mutual Distant Relatives ad, 2022
- Remy Martin plans a 360-degree New Year celebration
- Figure 21: Northwestern Mutual Distant Relatives ad, 2022
- Meeting Asian Millennial needs through the lens of the Value Trend Driver
- Costco delivers budget-friendly quality for Asians
- Figure 22: Costco Facebook post, 2022
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Asian American Millennials – Fast Facts
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Life Satisfaction and Perceptions
- Asian Millennials are relatively content
- Figure 23: Current life satisfaction, by key demographics, 2023
- Majority are thankful and hopeful
- Figure 24: Current perceptions of life, 2023
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- Figure 25: Current perceptions of life, by relationship status, 2023
- Some signs of stress for younger Millennials and those who are less affluent
- Figure 26: Current perceptions of life, Younger Millennials vs Older Millennials, 2023
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- Figure 27: Current perceptions of life – negative, by household income, 2023
- Giving thanks at Diwali
- Figure 28: Target “Welcome to Diwali” video featuring Jyoti Chand, 2022
- Asian Millennials are relatively content
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Aspirations and Achievements
- Millennials achieve many life goals
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- Figure 29: Life aspirations and achievements by age 30, 2023
- Women more likely to achieve most goals
- Figure 30: Life achievements by age 30, by gender, 2023
- High levels of achievement by East Asians
- Figure 31: Life achievements by age 30, by region of origin, 2023
- An ironic take on the pressure to achieve
- Figure 32: Google Pixel 6 Ad featuring Simu Liu, 2022
- Millennials achieve many life goals
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Key Anxieties
- Finances and the future are key stressors
- Figure 33: Biggest stressors (any rank), 2023
- Younger men most concerned about dating, family relationships
- Figure 34: Biggest stressors (any rank), Younger Millennial Men vs Younger Millennial Women, 2023
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- Figure 35: Hyundai Tucson “My love, my son-in-law” ad, 2023
- East Asians most concerned about the future
- Figure 36: Key anxieties, by region of origin, 2023
- Finances and the future are key stressors
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Self-Assessment of Capabilities
- Reasonable confidence in professional skills
- Figure 37: Assessment of professional and technical skills, 2023
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- Figure 38: Assessment of professional and technical skills (above average), by gender and older vs younger Millennial, 2023
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- Figure 39: Assessment of professional and technical skills (above average), by region of origin, 2023
- Cooking, mental wellness comparative strengths
- Figure 40: Assessment of personal and social skills, 2023
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- Figure 41: Assessment of personal and social skills, by gender and older vs younger Millennial, 2023
- Reasonable confidence in professional skills
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Navigating Now: Current Contentment and Financial and Social Behaviors
- Community most important to younger men
- Figure 42: Financial and social behavior, by gender and younger vs older Millennials, 2023
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- Figure 43: Financial and social behavior, by income, 2023
- High levels of contentment
- Figure 44: Contentment with current stage in life (agree), by gender and younger vs older Millennials, 2023
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- Figure 45: Attitudes and perceptions, by gender and genoration, 2023
- Relax and enjoy the ride
- Figure 46: Honda CRV ad, 2023
- Community most important to younger men
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Appendix – Data Sources and Abbreviations
- Data sources
- Consumer survey data
- Marketing creative
- Abbreviations and terms
- Abbreviations
- Data sources
About the report
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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