South Asians: Canada’s 46 Billion Dollar Market
Do you know Canada’s largest ethnic consumers? It’s been 10 years since South Asians passed the Chinese as the largest visible minority in Canada. Over the next five years their population is projected to grow 19% to reach 2.5 million people, according to Environics Analytics.
It’s a huge population with a total estimated spending power of $46 billion dollars in Canada. The group has been called “a marketer’s dream” by Rupen Seoni, vice-president and practice leader at Environics. Yet most companies, organizations, and businesses have unwittingly overlooked this group, because there is little to no data available to help the agencies that manage advertising.
South Asians are a group with “brains and bucks” yet they tend to get lumped in with other Asians—or outright ignored. Marketing tested readers’ knowledge of this vibrant Canadian consumer market in its March 2014 issue and released several interesting facts. Here are a few tidbits:
- The average household income for South Asians is $86,320, or 4% above the mainstream Canadian population
- When choosing a bank, 43% of South Asians are driven by recommendations, according to Dyversity Communications’ WelcomePack Survey
- South Asians like their breakfast hot—they tend to over-index in foods like eggs and hot cereal
If your marketing plan doesn’t include Diwali sponsorship, radio campaign, or a mobile coupon component targeted at South Asians, it’s likely that a significant opportunity is being missed. It’s important to celebrate the holidays, learn the brand preferences, and reach out in their language—because more and more data is showing that this is a group where targeted marketing counts.