Asian-Americans and Finance - US

Published by: Mintel International Group Ltd.

Published: May. 1, 2007 - 80 Pages

Table of Contents

Scope and Themes

What you need to know

Scope of this report

Definitions

Executive Summary

Overview

Asian Americans in the U.S.

Economic and educational characteristics

Asian Americans and financial institutions

Primary financial concerns, attitudes, and behaviors

Remittances

Online activity

Small businesses

Marketing to Asian Americans

Demographics

Statistics on the financial behavior of the Asian American market

How big is the Asian American market?

Figure 1: U.S. population, by race, 2000-05

Who makes up the Asian American market?

Figure 2: Largest Asian American ethnic groups, 2000 and 2004

Figure 3: Racial proportion of U.S. population, 1900-2050

Figure 4: Growth rate of various ethnic groups, 1980-90 and 1990-2000

Figure 5: Growth rates of Asian American segments, 1980-90 and 1990-2000

Where were they born?

Figure 6: Number of immigrants, refugees and asyless, 1971-2004

Figure 7: Rankings for Asian American value orientations, by sub-segment, 2005

Asian American characteristics

Where do they live?

Figure 8: Asian population*, by region of united states, 1990 and 2000

Figure 9: States with the largest concentrations of Asian Americans, 2006

Figure 10: States with the largest concentration of native Hawaiians and other Pacific Islanders, 2006

Figure 11: U.S. cities with largest Asian population, 2000

Figure 12: States with greatest change in Asian American population, 2000-04

Figure 13: States with greatest change in native Hawaiian and other Pacific Islander population, 2000-04

Figure 14: Geographical distribution, by place of birth, 2003

Education

Figure 15: Educational attainment of the U.S. population, by race/Hispanic origin, March 2002

Figure 16: Percentage of high school and college graduates aged 18+, by race and gender, 2006

Professions of Asian Americans

Figure 17: Distribution of occupational categories, by racial/ethnic and Asian group, 2000

Economics

Asian American income

Figure 18: Median income, by race/ethnicity, 2004 and 2005

Figure 19: Income differences between the Asian American groups, 2000

Asian American buying power

Figure 20: Top ten states, by Asian American buying power, 2006

Figure 21: Top ten states, by rate of growth in Asian American buying power, 1990-2006

Figure 22: Top ten states with the largest shares of total buying power that is Asian, 2006

Banks Used by Asian Americans

Major banks

Figure 23: Primary bank used in last 12 months, by gender, January-October 2006

Figure 24: Primary bank used in last 12 months, by income, January-October 2006

Asian community banks

Figure 25: U.S. banks that cater to Asians, 2004

Important financial concerns for Asian Americans

Figure 26: Primary financial concerns for Asian Americans, by age, April 2007

Figure 27: Primary financial concerns for Asian Americans, by income, April 2007

Figure 28: Primary financial concern for Asian Americans, by country of origin, April 2007

Figure 29: Primary financial concern for Asian Americans, by region, April 2007

Figure 30: Primary financial concerns for Asian Americans, by marital status, April 2007

Figure 31: Primary financial concern for Asian Americans, by level of educational attainment, April 2007

Figure 32: Primary financial concern for Asian Americans, by household size, April 2007

Figure 32: Primary financial concern for Asian Americans, by number of children in household, April 2007

Asian American financial attitudes

Figure 33: Attitudes of Asian Americans toward financial products and services, January-October 2006

Asian Americans and the attributes of financial institutions

Figure 33: Percentage of total who ranked each attribute as “5,” or ”very important” when choosing a financial institution, by age group, April 2007

Figure 34: Percentage of total who ranked each attribute as “5,” or ”very important” when choosing a financial institution, by income, April 2007

Figure 36: Percentage total who ranked each attribute as “5”, or “most important” when choosing a financial institution, by education, April 2007

Bank Products Used by Asian Americans

Checking accounts

Figure 35: Checking account ownership among racial groups, 2005

Figure 36: Checking account ownership among Asian subgroups, 2005

Bill paying

Figure 37: Pays the bills in the household, by gender, January-October 2006

Figure 38: Method used for paying bills, by gender, January-October 2006

Figure 39: Method used for paying bills, by income, January-October 2006

Loans

Figure 40: Type of loans held, by gender, January-October 2006

Figure 41: Type of loans held, by age, January-October 2006

Figure 42: Type of loans held, by income, January-October 2006

Figure 43: Auto loans, by type of institution where obtained, January-October 2006

Figure 44: Home mortgage loans (1st), by type of institution where obtained, January-October 2006

Insurance

Figure 45: Health or life insurance owned, by income, January-October 2006

Figure 46: Other types of insurance owned, January-October 2006

Credit cards

Figure 47: Have or use a credit card, by gender, January-October 2006

Figure 48: Type of credit card used in last 12 months, by gender, January-October 2006

Figure 49: Type of credit card owned, by income, January-October 2006

Figure 50: Type of credit card used in last 12 months, by income, January-October 2006

Figure 51: Type of credit card used in last 30 days, by income, January-October 2006

Remittances

Figure 52: Sent money to someone else in the last 12 months, January-October 2006

Figure 53: Sent money to someone else in the last 12 months, by income, January-October 2006

Figure 54: How money was sent—for those who have sent money to someone else in the last 12 months, by gender, January-October 2006

Figure 55: How money was sent—for those who have sent money to someone else in the last 12 months, by income, January-October 2006

Current remittance offerings

Asian Americans and Online Banking

Online presence

Figure 56: Use or ownership of personal computers by Asian Americans, January-September 2004

Figure 57: Internet access, by Asian subgroup, 2005

Online activity—more likely to be online; more likely to bank online

Figure 58: Online activities, January-September 2004

Asian Americans as Entrepreneurs

Where the Asian entrepreneurs are

Figure 59: States with the largest number of Asian-owned firms, 2002

Figure 60: Counties with the largest number of Asian-owned firms, 2002

Figure 61: Cities with largest number of Asian-owned firms, 2002

Figure 62: Asian ownership of firms, by detailed group, 2002

What kind of companies do they own?

Figure 63: Industries with the most Asian-owned firms, 2002

Age of business owners and other characteristics

Figure 64: Asian Americans as entrepreneurs, by age, April 2007

Figure 65: Asian Americans as entrepreneurs, by income, April 2007

How do they finance their businesses?

Figure 66: How Asian Americans financed their businesses, by age, April 2007

Figure 67: How Asian Americans financed their businesses, by income, April 2007

Figure 68: How Asian Americans financed their businesses, by household size, April 2007

Figure 69: How Asian Americans financed their businesses, by country of origin, April 2007

Figure 70: How Asian Americans financed their businesses, by generation, April 2007

Reaching Asian Americans

Language preferences

Media preferences

Recent initiatives to reach Asian Americans

Bank of America

Chase

Wells Fargo

Charles Schwab

Citibank

State Farm

Met Life

General efforts

Appendix - Industry Associations

Abstract

Asian Americans are an increasingly important marketing segment for Financial Services providers— not only because their proportion of the U.S. population is increasing, but also because they are heavy users of financial products such as credit cards. This report looks at this segment of the population and discusses the following:

• What are the overall characteristics of the Asian American population?
• What are the differences in attitudes and behaviors of various segments, for instance, by nation of origin, generations in the U.S., etc.?
• What are the priorities of Asian Americans and how can financial products be designed to address these priorities?
• What marketing messages will be most successful with this population?
• What strategies will be most successful in reaching this market segment in the future?

Mintel’s original research reveals the essence of Asian-American decision-making about financial services and products. Focusing on both products and demographics, the reports answer key questions in financial consumer research.

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