The MacroMonitor Market Trends Newsletter from Consumer Financial Decisions (CFD) highlights topical news and trends of interest to you and your colleagues.
Asian-headed households are a particularly attractive target to a variety of types of financial-services providers, because the majority of Asian household heads are well educated and employed. For example, they are more likely than non-Asian household heads to use stockbrokers and mutual fund companies and to have a 529 plan. As a subsegment of all US households, Asian households have total assets and net worth that are higher than those of non-Asian households.
The US Census Bureau reports that for decades, Mexicans were "the largest contingent in America's 41.3m foreign-born population." In 2013, however, the annual influx of immigrants from China and India outpaced the influx from Mexico. The number of immigrants from China and India is likely to increase. Roughly "one-third of America's foreign students are Chinese, and some 70% of H-1B visas (non-immigrant work visas from sponsored employers) for highly skilled jobs go to Indians" (Economist, 6 June 2015).
Asian cultures promote planning and patience to achieve long-term goals. Their savings and investment behaviors, in comparison with the behaviors of non-Asian households, support this cultural difference. Although many Asian financial attitudes reflect attitudes of all households, attitudes that differ are quite telling.
Special Note: An oversample of Asian-Indian households was a part of the 2014–15 MacroMonitor. Subscribers interested in doing additional analysis of this important segment may purchase the Asian-Indian oversample that brings the total number of any Asian household up to 266 and Asian-Indian households up to 109—sample sizes sufficient for analysis. For more information please contact us.
If this market segment is important to your business:
From their CFD client-landing page, MacroMonitor subscribers may:
- Access the July 2015 Segment Summary, Households Headed by Asian.
- Schedule a full presentation about these households, including a customized and proprietary Q&A session. Contact Us to schedule your presentation.
If you are not a MacroMonitor subscriber but would like more information about Asian households, please Contact Us.