Gay and Lesbian Consumers Express Optimism about Economy and Personal Finances,
Posted: 08/04/2010 - 23:28
Display Willingness to Use Substantial Buying Power on Increased Discretionary Spending
New York, August 2, 2010 — Gay and lesbian consumers are more optimistic than many Americans about the overall direction of the country, its future economic growth, the job market and their own personal financial condition, according to survey results published in The Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBT Community, 6th Edition by market research publisher Packaged Facts. Armed with this confidence and $743 billion in estimated 2010 buying power, the U.S. population of lesbian, gay, bisexual and transgender (LGBT) adults is expected to amp up discretionary spending on products and services in the wake of the recession and emerging recovery.
The report relies on a diverse range of data sets, including the respected insights that combine the expertise of Witeck-Combs Communications, Inc. and Harris Interactive. Based on conservative assumptions, Packaged Facts also estimates that the gay and lesbian population likely exceeded 15 million adults in 2009. The gay and lesbian population is projected to increase to more than 16 million adults by 2014. The cohort’s buying power, visibility and influence on America’s marketing landscape are also expected to increase over the next five years.
The U.S. and even global trends towards ,marriage equality and other forms of civil unions and legal same-sex relationships over the past decade have triggered an increase in the visible presence of gay and lesbian households and, consequently expanded the measurable market space for consumer goods and services of all kinds. This market space today just as likely will include children’s products and apparel, as an increasing number of gays and lesbians are choosing to become parents. Both trends offer expanded opportunities for marketers to include same-sex couples and LGBT family households just as they do among other cross-sections of the American consumer market.
While LGBT consumers shop for value like other households, the report also suggests that 58% of gay and lesbian consumers are more likely to purchase everyday household products and services from companies that market directly to gays and lesbians. The perceived gay-friendliness of companies that choose to support causes that benefit the LGBT community is also an important factor when deciding whether to stick with or switch from some products or services.
“A sustained, focused marketing campaign dedicated to earning trust and building brand loyalty among gay and lesbian consumers is a vital component of a successful strategy in the LGBT market,” says Don Montuori, publisher of Packaged Facts. “We’ve seen a high response measured in the LGBT community supporting gay-themed print ads with images of gay and lesbian people and featuring tailored wording. Likewise, investing in microsites specifically geared toward gay and lesbian consumers can generate a substantial return because many indicate that they would use or prefer to use LGBT-tailored websites as opposed to a company’s general website. Even appropriately themed advertisements that appear on blogs have greater potential to attract members of the LGBT community than other consumers as a whole.”
The Gay and Lesbian Market in the U.S., 6th Edition provides an in-depth analysis of a consumer segment whose buying power is fast approaching $800 billion. The report begins with an assessment of strategic trends shaping the gay and lesbian market and identifies opportunities available to marketers interested in reaching out to gay and lesbian consumers. It continues with a detailed analysis of the social and political trends affecting the gay and lesbian market and provides a forecast of the growth of the buying power of gay and lesbian consumers through 2014. Additionally, the report includes the latest findings from Witeck-Combs Communications/Harris Interactive online surveys of gay and lesbian and heterosexual consumers. It also includes the latest available Census data on same-sex couples. For further information, please visit: http://www.packagedfacts.com/Gay-Lesbian-2690458/.
About Packaged Facts – Packaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer market topics, including consumer goods and retailing, foods and beverages, demographics, pet products and services, and financial products. Packaged Facts also offers a full range of custom research services. To learn more, visit: www.packagedfacts.com. Follow us on Facebook, LinkedIn and Twitter.
About Witeck-Combs Communications, Inc. -- Witeck-Combs Communications, Inc. (www.witeckcombs.com) is the nation’s premier strategic marketing communications firm, specializing in reaching the gay and lesbian consumer. With over 16 years experience in this unique market, Witeck-Combs Communications not only serves as a bridge between corporate America and lesbian, gay, bisexual and transgender consumers (LGBT), but also provides counsel to countless non-profit organizations that aim to educate the public on gay and lesbian issues or to better reach their LGBT membership.
In April 2003, American Demographics magazine identified Bob Witeck and Wes Combs as two of 25 experts over the last 25 years who have made significant contributions to the fields of demographics, market research, media and trendspotting for their pathbreaking work on the gay and lesbian market. Their strategic marketing book, “Business Inside Out: Capturing Millions of Brand Loyal Gay Customers” was published in the fall of 2006 by Kaplan Publishing. They have appeared in worldwide media outlets including Fortune, CNBC, Daily Telegraph, CNN, Reuters, Associated Press, Ad Age, the New York Times and the Washington Post.
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