Asian Americans are nearly twice as likely to shop at Costco than the average consumer, according to data from Numerator, a market research firm.
Asian Americans represent 7% of the U.S. population, and they account for 10% of the retailer’s consumer base. The shopping behaviors of Asian American households, characterized by larger family sizes and a cultural preference for bulk purchases, align closely with Costco’s business model.
Rhonda Munar, left, and her mother Leonora Munar, lifts a 50-pound bag of rice into their cart at Costco in Burbank, Calif. (AP Photo/Damian Dovarganes)
Fueling this trend is the growth and purchasing power of Asian Americans. With an 81% surge in population between 2000 and 2019, vastly outpacing the overall population growth of 16%, Asian Americans wield considerable economic influence. Moreover, boasting the highest median household income in the U.S., Asian Americans present an attractive target for retailers.
Numerator reports that in 2021 and 2022, the typical Costco shopper in the U.S. is a 39-year-old college-educated Asian American woman who earns more than $125,000 per year.
Recognizing this potential, the Kirkland, Washington retail giant has proactively adapted its product offerings to cater to the preferences of Asian American shoppers, introducing a range of culturally relevant items such as boba ice cream, oyster sauce, and durian pulp. The untapped sales potential within the Asian American consumer market is estimated at $13 billion.