It’s no secret that some of the biggest spenders in luxury retail are Asian Americans. Ahn Do, a reporter at The L.A. Times, noted an average Asian American household had an income of $100,000, more than general U.S. households and the highest among cultural groups.
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As in all business, building positive relationships is key, and during Lunar New Year, retailers are trying to do just that with their high-value clientele. Popular brands like Burberry, Kate Spade, and Louis Vuitton feature limited edition products (oftentimes displaying a cute monkey for Year of the Monkey) to cater to its Asian customers.
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This trend speaks true to a prediction a spokesperson for Nielsen gave, stating that Asian Americans are expected to surpass $1 trillion in consumer buying power by 2017, ‘showing their influence and reach and the need for marketers to continue to offer culturally relevant materials.’
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