The Three Largest Minority Target Markets: Hispanic, African and Asian Americans
I. Hispanic Americans Population
A. Total amount in the U.S.: There is 53 million Hispanic Americans living throughout the U.S.
B. Percentage of total U.S. population: The Hispanic population contributes to 17% of the overall U.S. population
C. Rate of growth: The growth rate of Hispanic Americans is 2.2%.
D. Average household size: The average household size of Hispanics consists of 3.53.
E. Average Age: 36.8 (Marketing Chart Staff)
F. Percentage with college degrees: There are nearly 13.2% of Hispanic Americans with college degrees.
G. Average/Median income level: $38,624
H. Geographic location: ...view middle of the document...
("Newsroom." Facts for Features: Black (African-American) History Month)
I. Most popular brands that are purchased: The information and figures of each brand were retrieved from Adweek.com. (Black Consumers More Attached to TV and Digital Brands)
1.) Mercedes-Benz- 61%
2.) iPhone- 59%
3.) Levi’s clothing
J. Specific products that are purchased the most: According to an article that I read online “Hair care products, automobiles, telecommunications, groceries and clothing” (Marketing to African-American Consumers) are some of the most popular products purchased amongst the African American population.
K. Best media method to use: Media that is concentrated specifically to the African American audiences. This is very similar to how the Hispanic population being more interested in products that are associated with their own culture.
III. Asian Americans Population
A. Total amount in the U.S.: There is approximately 18.2 million Asian Americans living in the U.S.
B. Percentage of total U.S. population: Asian Americans makes up approximately 5.6% of the total U.S. population
C. Rate of growth: The Asian American growth rate is near 2.9%
D. Average household size: The average household size of the Asian population is 3.40.
E. Average Age: 33.5
F. Percentage with college degrees: Fifty percent of Asian Americans have at least bachelor’s degree or higher credential.
G. Average/Median income level: $67,885
H. Geographic location: California and New York
I. Most popular brands that are purchased: After reading Anh Do’s L.A. Times article, she stated that “the most prolific and impulsive buyers in the nation” (L.A. Times) Asian Americans are “Significant, Sophisticated And Savvy” (Newswire) shoppers that like luxury name brands as Armani Exchange, Gucci and Louis Vuitton
J. Specific products that are purchased the most: “Food, transportation, housing, insurance and apparel.” (Newswire)
K. Best media method to use: “Asian Americans lead the way when it comes to e-commerce purchases. Seventy-seven percent of Asian Americans made an online purchase last year [during 2013], compared with 61 percent of the [entire] population.” (Newswire) Therefore, advertising electronically through the internet and email are great approaches of marketing to the Asian Americans...