Asian-Americans Represent Significant Opportunities for Hotels and Beverage Brands
By Yuriy Boykiv Co-Founder and CEO, Gravity | January 31, 2016
As competition in the hospitality industry grows fiercer by the day, many hotel chains are looking for any edge they can find to win the support of key markets. Customers from varying cultural backgrounds have different expectations when they utilize hotel services, and even the slightest details can have a lasting impression on these demographics. Everything from room amenities to supplemental or complementary services can be adjusted to fit the needs of multicultural audiences. Even something as simple as the choices of beverages that a hotel offers to its guests can easily sway guest perceptions one way or the other.
Multicultural beverage marketing can be a difficult segment to break into - particularly for the travel and entertainment industries. Fortunately, there's a special on tap.
According to a recent Pew Research report, Asian-Americans are the fastest-growing segment of the marketplace. Since the 1965 Immigration and Nationality Act, 51 percent of new immigrants have come from Latin America and a quarter from Asia. Asian-Americans are projected to eventually overtake the size and importance of the Hispanic market.
Opportunities abound for marketers in this arena. Save for the occasional cliche-rich, half-hearted Lunar New Year promotion, no brand has ever seriously courted Asian-American consumers with the same seriousness and rigor they have shown general-market, Hispanic, or African-American drinkers. But opportunities are ripe for first movers.
Thanks to the number and affluence of Asian-Americans, it's surprisingly simple - and absolutely worth it - to reach them in the media. Here's why America's fastest-growing consumer segment is a worthwhile target and how you can best cater to it.