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Asians: Thriving Auto Buyers – December 2021
Asians spend more on cars
Despite being the smallest of the three major ethnic groups, Asians spend more on new cars. The average MSRP for Asian new registrations in the first nine months of 2021 was $37,934, compared to $33,710 for African Americans, and $33,677 for Hispanics (Fig. 1). According to the U.S. Census Bureau, the Asian ethnicity was the fastest growing segment in the U.S population in 2020 (up 35%). This demographic is an important part of the diverse automotive consumer landscape.
Asian market notably impacted by COVID-19 pandemic
Asian consumers were disproportionately impacted by the COVID-19 pandemic, as they are overrepresented in the hardest hit segments of the pandemic - large metro areas and small business owners. From 2019 to 2020 YTD, Asian registrations fell at more than double the rate of industry (Fig. 2).
Read our full US Automotive Advisory Insights from IHS Markit. Our December 2021 report on the US Market focuses on how despite being the smallest of the three major ethnic groups, Asians are thriving auto buyers in the US. Additional coverage includes Asian new car buyer demographics, brand share and loyalty performance.
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