Vogue introduced Chinese consumers to the tech wearable that seamlessly complements all couture, the Apple Watch. The reputable fashion publisher payed homage to its name in its 2014 Chinese November issue as famed international model Liu Wen wore the tech novelty-slash-luxury accessory around her wrist.
Familiar face, legendary publication and beloved trades: The Apple Watch was now the intersection of two industries highly claimed by Asian shoppers. Below are five ways Asian Americans are outspending on fashion and tech.
1. High expenditure purchases: Fashion, brand names
Asian American consumers spend almost twice as much on apparel than the total market annually. When looking at premium brand names, they can spend almost three times as much than non-Hispanic whites. For example, Asians are almost 300 percent more likely to make a major store purchase at Saks Fifth Avenue.
2. Didn’t pay full price for that, but you don’t need to know
Discount retailers that sell brand names—like Marshalls and Nordstrom Rack—are also popular among this quality-first segment. Asian American shoppers are 37 percent more likely to spend a substantial amount at Marshalls and 201 percent more likely to also shop big at Nordstrom Rack. About 33 percent of their total 2013 spending was on special promotions.
3. They could be the reason a new iPhone is born every 12 months
Almost 80 percent of Asian Americans use smartphones. And, about 16 percent of Asian American consumers—compared to 9 percent non-Hispanic whites—said they purchased mobile devices or other electronics in the past 12 months.
4. They love their new computer too
In the past 12 months, 18 percent of Asian American purchased computer hardware or software compared to 11 percent non-Hispanic whites. They’re 123 percent more likely than the average shopper to own an Apple or brand name computer.
5. Phone > Tablet > Watch
After propelling popularity on touchscreen smartphones, Apple’s next market shaker became the iPad. Three years after its 2010 introduction, 42 percent of Asian American households had purchased at least one tablet compared to 25 percent average total U.S. households. Wearables are here and Asian Americans can reportedly spend $300 more on watches than the average U.S. consumer, so it’s not peculiar for Apple to place its watch on Vogue China or for the fashion magazine to wink at its readers by showing off the one accessory that’s the best of both worlds.
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