New Research On Latin America LGBT Auto Market
Posted: 08/01/2012 - 15:27
Released by Out Now Global LGBT2020 Study
NEW RESEARCH REVEALS LGBT MARKET FOR AUTOMOTIVE INDUSTRY IN LATIN AMERICA
PUERTO VALLARTA, MEXICO (OUTNOW) -- AUGUST 01, 2012 - The latest research from the world's largest market research into the lesbian, gay, bisexual and transgender (LGBT) market has revealed a large and underdeveloped market for new automobiles in Latin America.
The 'Out Now Global LGBT2020 Study' - the world's largest ever research program into the world's LGBT communities - today released initial findings for Mexico from new data which is to be released in full at the 2nd International Expo & Business LGBT to be held in Cancun, Mexico, September 6 - 9, 2012.
The findings show that Latin America's LGBT communities - as a market for new automobiles - is one that can be expected to account for more than one million new vehicle sales across the region in 2013, with up to 100,000 sales in Mexico alone.
The LGBT2020 Study is a global project devised and implemented by Out Now Global - the world's leading specialist LGBT consulting agency.
According to Ian Johnson, CEO of Out Now, automotive brands need to start paying more attention to what is happening in markets like Mexico - and right across the Latin American region.
Full LGBT2020 data results for Mexico and other key Latin American markets - including Argentina and Brazil - are to be released by Out Now at the 2nd International Expo & Business LGBT to be held in Cancun, Mexico - an event created and managed by Latin America's leading LGBT conference and event’s organizer LGBT Confex.
"Latin America's LGBT consumers represent relatively large but virtually untapped markets for a broad range of consumer goods and services, and key among these is the market for new automobiles in 2013," Johnson said. "The new LGBT2020 data we are releasing at the LGBT Confex event in Cancun this September should make a lot of brands sit up and take notice. Mexico alone is home to almost 5 million gays and lesbians who may be expected to account for around 100,000 new car sales in 2013."
Johnson said that the reason the gay and lesbian market ought to be on the marketing radar of more auto brands is simple economics.
"You have a reasonably large group of customers - to whom most car brands in Mexico have said almost nothing directly by way of targeted communications and marketing - that accounts for six percent of the total Mexican consumer market," Johnson said, citing Out Now's assessment of the total number of adults who make up the gay and lesbian consumer market in Mexico. "Add in the fact that there are far fewer children in lesbian and gay households than in the average Mexican household, and you uncover an audience that can, on average, more readily consider discretionary spend items, such as a new motor vehicle purchase, in 2013."
CEO of LGBT Confex, Ruben Sandoval, said his event is pleased to be presenting the new automotive research in full this September in Cancun.
"LGBT people are a large but not well understood market in Mexico, and right across Latin America," Sandoval said. "Our events are all about helping business and non-government organizations better understand and connect with this significant group of Mexicans. Many industries are being featured - including automotive, tourism, technology and consumer finance. By helping businesses, like those in the auto industry, better understand how LGBT customers live, work and shop we can help make those businesses better informed about how to meet their LGBT customer’s specific needs."
Sandoval cited the purchase of a car as a high-involvement, high-value purchase - which is often bought by two gay or lesbian people as a couple. "Lesbians and gay men often have to go back 'in the closet' when buying a car from a salesperson," Sandoval said. "We want to make a change where LGBT people and auto salespeople can each become more comfortable dealing with each other. It really is about building a win-win situation for LGBT customers and the companies that they choose to deal with."
"Out Now's data predicts that in the order of 85,000 - 105,000 new motor vehicles can be expected to be sold to lesbian or gay owners in Mexico next year," Johnson said. "This is a significant slice of the overall market for new motor vehicles in Mexico - but major brands are yet to capitalize on the opportunity by developing tailored research, marketing and advertising that can connect most effectively with gay and lesbian customers. The brand that gets there first with an effective and insightful marketing and sales approach should expect to enjoy significant increases in brand awareness, loyalty and sales."
The 2nd International Expo & Business LGBT is being held at the Cancun Convention Center from September 6 to 9, 2012. The Gala Dinner is being held at the Hard Rock Hotel Cancun on September 8, 2012. Hyatt Hotel Cancun is another Official Partner Hotel for the Expo & Business LGBT - an event which is created and managed by LGBT Confex - Latin America's leading LGBT conference and Exhibitions Company.
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