When marketing to Asian-Americans, many financial services companies largely exclude Japanese-Americans.
Ray Ting, managing director of Ray Ting and Associates, City of Industry, Calif., an office of MetLife Financial Services, suspects this is because Japanese immigration to the U.S. has dropped off markedly since the 1970s.
In the early 1980s, most Asian immigrants were Vietnamese and ethnic Chinese people living in Vietnam, he says. Many came to the Midwest and within a few years moved to the East and West Coasts.
The current Asian-American marketplace is largely first-generation Americans whose parents immigrated from China and Korea, with fewer coming from Vietnam and an even smaller number from Japan, Ting says.
“We dont have a large number of Japanese-American people to work with,” he says.
Nonetheless, American companies, including Prudential Financial, Newark, N.J., find it prudent to study the Japanese marketplace in order to better understand and thereby serve Japanese consumers of American financial services.
A recent Prudential survey finds that home computer ownership in Japan continues to rise rapidly, and more and more of these home computers are connected to the Internet.
Prudential Financial estimates that the number of Japanese “online households,” referring to families that own at least one personal computer at home and have Internet access, reached 26 million in June.