With the Hollywood blockbuster Crazy Rich Asians starring Asian superstars Constance Wu, Michelle Yeoh, and Henry Golding achieving seriously strong ticket sales in Australia – a cool $5.2 million on opening weekend alone – now, more than ever, Asians, wealth and interest in the Asian-segment is at a high.
Side note: If you haven’t seen the film yet, please do check it out – and make sure you do so at a (MultiConnexions partner) Event Cinemas venue!
The film has undoubtedly served to enhance the visibility and viability of the Asian segment among marketers in Australia – much to our delight at MultiConnexions. The buzz around the movie led me to reflect on my own experiences as a multicultural marketer working with various Asian segments.
When it comes to the two super-powers of Asia – China and India – we often hear that the opportunities for business, trade and new markets are immense, but the reality is the numbers are often astronomical. Let’s look at a few facts.
China
1. By 2030, China will be the number one economic force in the world overtaking the United States.
2. By 2025, the most spoken language in the world will be Mandarin.
3. China is already the most populous country in the world.
4. China has the second largest Gen Z population in the world – a highly influential, increasingly wealthy and worldly demographic.
India
1. By 2050, India will be the number two economic force in the world overtaking the United States.
2. In 2025, the average person will be a 34-year-old Indian man.
3. India is the second most populous country in the world.
4. India has the largest Gen Z population – a thriving, dynamic and ambitious generation.
Although China achieved double digit economic growth through much of the early 2000s, India is hot on China’s heels and is now actually growing faster than China. India shows every sign of continuing to do so. And for those of us living in a bubble believing this will not impact us here in Australia, we would be sorely mistaken.
China and India are, in fact, the largest and fastest growing source countries of migration to Australia at 13 per cent and 27 per cent respectively according to Census. One in 4 people in Australia speak a language other than English – and in Sydney that figure rises to one in two. Around 87 per cent of Chinese audiences in Australia live in NSW, VIC or QLD. Around 90 per cent of Indian audiences in Australia live in VIC, NSW, QLD and WA. Chinese and Indian audiences make up over 12.5 per cent of Melbourne’s population, and by 2020 they will make up 17 per cent (based on growth estimation).
Crazy-rich billionaires are increasingly making their presence felt around the world, with the locus of global power well and truly shifting from West to East.
India’s richest man, Mukesh Ambani has an estimated wealth of AUD 68.5 billion. India’s billionaires have lifted more than 100 million fellow Indians out of poverty and revitalised the economy. Indian Prime Minister Narendra Modi promises continued growth in Gujarat and beyond and seems to be delivering on all fronts.
Indian audiences remain deeply rooted in their culture and customs wherever they are in the world. Family is important, career is important. They are aspirational, tech-savvy and highly social – especially over WhatsApp and Facebook.
The youngest of the Kardashian clan, Kylie Jenner, recently made headlines around the world and in Australia, with her topping Forbes’ young super rich list and edging towards her first billion dollars. Around the same time, five young Chinese billionaires appeared on Forbes’ China Rich List. And which of these pieces of news made more headlines?
For the curious among us, the five Chinese billionaires – collectively worth an eye-watering $32 billion are property heiress Ms Yang Huiyan; airline heir Mr Wang Han; self-made start-up king Mr Zhang Yiming; fintech entrepreneur Mr Luo Min; and Didi founder Mr Cheng Wei (worth $24bn, $1.3bn, $4bn, $1.5bn, and $1.2bn respectively) These, and other billionaires are making enormous changes in China and around the world and leading the ‘Middle Kingdom’ to new and greater heights.
Wherever they are in the world, and no matter how rich, Chinese audiences, like Indian audiences, remain culturally rooted. They are often language dependent, family-oriented and highly connected over social media – especially WeChat. They seek quality and appreciate value.
Marketers of luxury Australian products and services, more than ever, are looking to tap into the potential and reality of ‘Crazy Rich Asians’ through targeted marketing campaigns, and we couldn’t be happier. Some tips for engaging with these audiences?
Here are three quick tips to winning:
1. Be authentic and avoid stereotyping.
2. Make a real effort to understand your audience and be culturally relevant.
3. Don’t just translate your mainstream ads – create something engaging in-language.
For more information on targeting the Asian diaspora – China and India – including the crazy rich and millennials, contact MultiConnexions today.