LGBTQ Buying Power

Posted on December 28, 2017, 8:01 pm
3 mins

LGBTQ Buying Power Closer To One Trillion Dollars

By Louis Chesney – The Blog Business July 27, 2017


  • Annual study comes as companies target growing demographic 
  • About 7% of U.S. adults identify as Lesbian, Gay, Bisexual, Transgender or Questioning

According to a recent study by Witeck Communications, disposable personal income (DPI) is on the rise among all LGBTQ Americans. The money LGBTQ Americans can spend collectively after paying taxes rose 4 percent to $957 billion in 2017, rivaling the disposable income of all other American minority groups. According to an annual analysis. Research reveals that 7 percent of the adult U.S. population self-identify as lesbian, gay, bisexual, transgender and/or questioning. Witeck agreed that LGBTQ workers, businesses and consumers are directly shaping the American economy. Buying power is important for businesses and marketers when considering the strength and the potential impact of reaching LGBTQ consumers through cause marketing, branding campaigns, public affairs strategies and other corporate partnerships with the leaders in the LGBTQ community.

 

 

National Gay & Lesbian Demographics

Household Income

Average gay household income is $85,400 ($46,323 national average)

Gay Men: $62,000 single, $130,000 couple, 40% households over $100,000

Lesbian: $52,000 single, $96,000 couple, 36% households over $100,000

Gays are 3.4 times more likely to have household incomes over $250,000

 

Education

93% have attended college, 71% hold bachelor degrees, 46% hold post-graduate degrees

 

Employment

91% are employed full time

56% hold professional/managerial positions

14% hold top management positions

 

Homes and Cars

65% own their own home or condo, average home value is $426,500

10% own vacation homes

21% own luxury cars, 27% own mid-size cars, 21% own economy cars, and 14% own trucks

91% of gays and lesbians purchase their car from companies that market to them directly via gay media or sponsoring gay events/charities

 

Children and Pets

20% of lesbians and 5% gay men have children under 18

83% of lesbians and 89% gay men have pets

 

Loyalty

88-91% use local gay media for purchasing decisions

 

Buying Power

Total gay and lesbian buying power is estimated to hit $1 trillion by 2018

 

PRINT DIRECTORY

30,000 free copies distributed annually via Gay Pride, community events, requested mailings and nearly 500 distribution points throughout the Buffalo, Niagara Falls and Rochester area (including coffee shops, libraries and gift shops).

 

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