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Understanding External Influences in Hispanic- and Asian-American Markets
Introduction: Although the cultural characteristics differ greatly between Asian-Americans and Hispanic Americans, these two growing groups of consumers have an amazing number of similarities when it comes to purchasing decisions and behaviors. One similarity is that each of these groups encompasses a variety of members: the Asian-American segment is comprised of Chinese, Koreans, Vietnamese, Filipinos, and Japanese. The Hispanic market is also multifaceted, consisting of Mexicans, Puerto Ricans, Cubans, Haitians, Jamaicans, Dominicans, South Americans, and Central Americans (Coleman, 1993).
Another similarity is that both of these markets are growing rapidly. ... In fact, the Census Bureau projects that by 2010 Hispanics will account for 14 percent of the population and will outnumber African-American consumers. Projection expectations are that the Asian population in the United States will increase to about 10 million by 2010 (Census Bureau, http://www. ...
Purchasing Behaviors: A recent article in the Fairfield County Business Journal reported that companies that successfully reach the Hispanic market in all parts of
the United States are those that take time to learn their attitudes, values, and interests. ... However, commonalities clearly do exist within the overall Hispanic-American population.
According to Corchado (1999) Hispanic consumers tend to be brand-conscious and believe in the price-quality relationship. ... (1995) Hispanic-Americans are more likely than the U. ...
Like Hispanic-Americans, Asian-Americans are also extremely quality-driven. As Coleman (1993) reports, as shoppers, Asian Americans look for quality over price, particularly when buying clothing, electronics equipment, and appliances (Coleman, 1993). Also much like Hispanics, emphasis in the Asian culture is on family shopping: “Traditional Asian culture demonstrates deep respect for family elders. Shopping decisions may therefore be considerably influenced by older family members” (Coleman, 1993)
A notable difference between Hispanic and Asian consumers is the types of purchases they tend to make. According to Coleman (1993), Consumer surveys reveal Asian Americans to be frequent travelers, as well as exercise, sports, and photography enthusiasts” (Coleman, 1993). ... Furthermore, according to Williamson (2002), "Hispanic consumers spend nearly 25% more than other consumer groups on food consumed at home.”
Group Influencers: According to Coleman (1993), Hispanics in the United States, compared to others in the general population, tend to be more committed to traditional "middle-class" values and are not as influenced by the “fatalism philosophy often associated with Hispanic origin groups” (Coleman, 1993).
Approximate Word count = 1868
Approximate Pages = 7.5
(250 words per page double spaced)
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