Purchasing power affects the type of entertainment that consumers buy as well as the format that it comes in. Purchasing behaviour also varies by ethnicity, according to Nielsen’s recent US Consumer Entertainment Report.
“When it comes to buying and consuming different forms of media, there is no one-size-fits-all preference,” the report noted. “Some of us tend to be on the cutting-edge of technological advances, while others enjoy reading, watching and listening in more established ways. And consumer preferences have as much to do with spending power as they do with ethnic background.”
For instance, Asian-American Internet users were also most likely to be at the point of sale when it came to buying movie and TV content, regardless of delivery. In fact, adult Internet users who shelled out bucks for streaming services were 73% more likely than the average US adult online to be Asian-American.
It’s worth noting that over the past decade, the Asian American population has grown at double-digit rates in 49 out of the 50 states while population growth in the non-Hispanic White segment is slowing.
The Asian American population is approximately 18.2 million and has increased more than 50% since 2000, and is expected to reach 20.9 million in the next five years, the highest growth rate of any multicultural segment in the US.
“This is a consumer base that is growing, affluent, well-educated, geographically concentrated, technologically savvy and has tremendous buying power that continues to soar,” Mediapost noted.
Asian Americans who originate from China, India, Philippines, Vietnam, Korea and Japan comprise 86% of the total segment population. Chinese Americans represent the largest group, at 22%.
When it came to streaming service and digital music purchasers, Hispanic Internet users were more likely than the average Internet consumer. Adult Internet users who purchased streaming services were 28% more likely to be Hispanic, and when it came to buying digital tunes, they were 5% more likely to be Hispanic.
As RTVN previously reported, the Latino population in the US is growing, wielding a buying power well into the trillions of dollars.
Latino purchasing power is expected to be $1.5 trillion by 2015, according to the American Hispanic Advertising Association (AHAA) — that's nearly 11% of the nation's total buying power.
The AHAA also noted that Hispanics spend an average of 17.3 hours per week watching Spanish-language TV, 12 hours listening to Spanish-language radio, 1.6 hours reading Spanish-language...