NORTHWEST ASIAN WEEKLY
In 2023, Asian Americans went to Costco more than the average consumer. The information is based on data compiled by consumer analytics firm Numerator.
Costco is the third-largest retailer in the US. The wholesale club has 129.5 million membership card holders representing households and small and midsize businesses, and the information breaks down its normal consumer. Half of the US cardholders visit Costco once a week with 87% of those visiting two or more.
Costco continues to reign supreme as a favorite for Asian American shoppers, with new data revealing they are nearly twice as likely than the average consumer to shop at the wholesale giant.
New data suggests Asian Americans are twice as likely to shop at Costco than the average consumer (Photo via AP)
While Asian Americans only make up 7% of the population, they comprised 10% of Costco’s consumer base in 2023. Compared to the average American consumer, Costco shoppers are 81% more likely to be Asian.
Data from consumer intelligence firm NielsenIQ shows that Asian households tend to be larger than the U.S. average, and Asian Americans tend to buy in bulk, CNBC reported. The Pew Research Center notes that Asian American communities have grown faster than other racial and ethnic groups between 2000 and 2019. The popularity bodes well for Costco.
“For Asian Americans, their rate of population acceleration certainly lends to this idea that … they’re going to be creating major market shifts,” Kymberly Graham, head of diversity initiatives at NielsenIQ, told CNBC in 2022. “Their needs are being served, it inherently becomes very profitable for anyone that’s serving them.”
The typical customer visits Costco every two weeks and spends about $100 per trip. The data suggests that Costco is more popular with higher-income millennial and Gen X households.
“I would give kudos to Costco for thinking about what young people want, what’s in,” Costco shopper Wendy…
Read the full article here
