Marketing to the Transient Segment of Asian Americans
(Photo Credit NCinDC)
China will lead the way in Millionaire Growth and they are spending like one – right here in the U.S.
By 2020, Japan, China, and South Korea will rank in the top 10 of countries with the greatest number of families worth more than a million dollars. (CNN Money, 5/2011)
What does this meteoric growth in personal wealth in Asian countries mean to marketers here in the U.S? 28% of overseas arrivals to the U.S. are from Asia. There were 9.2 million visitors from Japan, China, South Korea, and India last year who collectively bought $67.3 billion worth of goods and services during their visits. After a decade of double-digit growth, China alone accounts for $30.2 billion in spending and is the #1 market for U.S. tourism exports. (2015 ITA Travel and Tourism Top Markets Report)
If you are in hospitality, retail or services, this is a market that is substantial today and poised to grow for years to come as economies in Asia continue to strengthen.
Some savvy marketers are already tapping into it with marketing efforts in 3 key areas:
1. Targeted in-country channels.
Get in front of them even before the board the flight to the U.S. Look for channels that will get you right to the target. For example, Macy’s ran ads in a magazine/handbook that goes out to all U.S. visa applicants in China.
There are other in-country travel publications, websites, bloggers, etc. that can help you make an impression and make the visitors’ shopping list
2. Travel industry partnerships.
Chinese tourists accounted for nearly one million of the record 60.3 million visitors to New York City in 2016. Working with a handful of influential travel companies can get you up close and personal with the target audience. Onex Real Estate recently organized a tour of New York City real estate developments for a group of affluent tourists/investors, including a grand tour of Onex’s project in Flushing, Sky View Parc.
3. Service enhancements.
Customize your service or product offering to cater to the visitors. When the US Postal Service wanted to increase International Express Mail revenue they ran a program specifically targeted at Japanese tourists in Hawaii. Prompt pick-up service available at hotels and dependable service with Japan Post alliance were touted. Many casinos and retailers in Atlantic City now accept the Union Pay card, China’s most popular debit/credit card, as does Citibank in New York’s Chinatown.
So let’s all do our part in closing our country’s trade deficit gap, our visitors from Asia are eager to help us!