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The Asian American Market: A Lucrative Untapped Opportunity for Caribbean Tourism presented to

The Asian American Market: A Lucrative Untapped Opportunity for Caribbean Tourism presented to

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The Asian American Market: A Lucrative Untapped Opportunity for Caribbean Tourism presented to

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  1. The Asian American Market: A Lucrative Untapped Opportunity for Caribbean Tourismpresented to December 9, 2005

  2. Who Is The Ideal Target For Caribbean Tourism ?? • Sizeable Population with future growth • Educated / Affluent • Frequent Travelers (strong per-trip spending) • Close Proximity • Distinctly Targetable / Reachable

  3. Financial Services

  4. Automotive

  5. Telecommunications

  6. Others

  7. Who are the Asian Americans?

  8. The Asian American Market • 11.9 million: 4.2% of the US population (includes 1.7 million multiracial Asians) • 10.2 million: 3.6% of the US population (single-race Asians only) • 50+% in CA, NY, TX • 12% of California • 10% of NYC, 10% of LA, 30% of SF • Key secondary markets: • Chicago, DC-MD-VA, Houston/Dallas, Seattle, Philadelphia, Boston, Atlanta • Fastest growing racial groups in the U.S.- 49% population growth since 1990 • (White 5.8%, Black 15.8%, Native American 22.9%) • Highest median HHI > $9,000 ahead of non-Hispanic white • Asian $55K, Non-Hispanic White $46, Hispanic $33k, Black $30k • Highest level of educational attainment: 44% BA or higher • Non-Hispanic White 28%, Black 17%, Hispanic 11% • One of the highest rates of entrepreneurial activity • 1997: 893K businesses nationwide = $302 billion in revenue • 1997: 11% of all businesses in CA, 8% of all businesses in NY

  9. The Asian American Market • Asian households are more likely than any other group to be in the $75K or above annual income range. Source: US Census Bureau, Census 2000

  10. Top Asian Groups in the U.S. • 87.5% of Asian Americans are accounted for by the top six subsegments*: In rank order by national population • Chinese 2,432,585 • Filipino 1,850,314 • Asian Indian 1,678,765 • Vietnamese 1,122,528 • Korean 1,076,872 • Japanese 796,700 *Note: only includes Asians who reported a single race. Source: US Census 2000

  11. % Of Foreign Born Asian-American Demography: Foreign Born & Language Preference In-language Preference The overwhelming majority of Asians are foreign born and exhibit a corresponding strong preference for in-culture/language communications. As of Census 2000, and for the first time in history, Chinese is now the 2nd most prevalent foreign language spoken in US households after Spanish. *NOTE: US Census statistics for Japanese are exclusive of Japanese expats/foreign students, approximately 250k in any given year. These groups are highly Japanese-language preferred. Source: Foreign Born Current Population Survey, 2000; In-Language Preference Census 2000

  12. Asian American Media Landscape • Asian American in-language preference for communications is evidenced by a rich in-language media environment

  13. Asian Media Cost Source: NBC Spot Sales, Nielsen, Bravo, Kang & Lee

  14. Chinese Media CPM Geo Geo

  15. Asian Americans -Geographic Distribution

  16. Asian-American Demography: Geographic Distribution Over half of Asians live in three states: California, New York, Texas 76% of all Asians live in the top 10 states 90% of all Asians live in the top 20 states Source: U.S. Census Bureau, Census 2000

  17. Closest Asian Feeder Markets For The Caribbean Boston Total Asians - 231,492 Top Groups: Chinese - 83,238 Asian Indian - 42,153 Korean - 33,164 New York Total Asians - 1,437,583 Top Groups: Chinese - 504,793 Asian Indian - 398,425 Korean - 171,423 Chicago Total Asians - 389,403 Top Groups: Asian Indian - 115,501 Filipino - 82,936 Chinese - 69,662 Washington DC Total Asians - 393,957 Top Groups: Asian Indian - 86,496 Chinese - 76,596 Korean - 74,052 Houston Total Asians - 224,303 Top Groups: Vietnamese - 64,155 Asian Indian - 51,678 Chinese - 47,022 Atlanta Total Asians - 133,073 Top Groups: Asian Indian - 35,761 Vietnamese - 24,248 Korean - 21,862 Dallas Total Asians - 192,726 Top Groups: Asian Indian - 48,854 Vietnamese - 45,488 Chinese - 34,581

  18. Asian Profile In Core Caribbean Feeder Markets Source: Census 2000

  19. Opportunities to Market Tourism to Asian Americans

  20. Asian American Traveling Behavior • Since Asian-Americans have, on average, the most affluent households in the US, they are among the most attractive consumer audiences for marketers of international travel products: • Most likely to travel by air. • Most likely to travel first-class or business class. • Most likely to spend more on a per-trip basis. Source: The Minority Traveler

  21. Top Five Popular Destination Activities • Gambling is the most popular tourist destination activity for Asian Americans followed by Nightlife and Theme Parks Source: The Minority Traveler 100=Total U.S. Domestic Travel

  22. Asian American Traveling Behavior • On average, Asian Americans take longer trips (4.4 nights) when compared to the average domestic traveler Source: The Minority Traveler 100=Total U.S. Domestic Travel

  23. Asian American Traveling Behavior • Asian Americans tend to spend more heavily per trip when compared to the average domestic traveler Source: The Minority Traveler 100=Total U.S. Domestic Travel

  24. The Tourism Industry Competitive Landscape in the Asian American Market

  25. Asian American Tourism Industry Competitive Landscape • US Tourism • State tourist boards • City Destinations • National Landmarks • Environmental Parks & Sanctuaries • Theme destinations • Domestic hotel chains, airlines, rental cars • Canada Tourism • National tourist board, provincial, city • Mexico Tourism • National tourist board, resort destinations, hotels, other. • South America Tourism • National tourist boards • European Tourism • Pan-European tourist authorities • National tourist boards • City destinations • Regional destinations (Mediterranean) • Eurail • Airlines, hotels, property/car rentals • International Airlines • International Cruise lines • International hotel chains • Other travel & leisure marketing • Asia • Africa • Other regions

  26. The Only Active Category …..

  27. In Conclusion, The Asian American Market… Has an ideal target profile for a wide variety of Caribbean marketers… Can be distinctly reached/addressed through dedicated Asian media and marketing channels …. Exhibits a near-complete lack of competitive clutter in the travel & leisure categories !!

  28. Thank You !!! Saul_Gitlin@kanglee.com www.kanglee.com