Billions ($!) and booming - why would any company want to miss out on the LGBTQ+ market?

  

desmarketeblog

With a total buying power in the U.S. alone of at least $800 billion currently, and growing, LGBTQ+ consumers represent a very significant and important market segment, and corporations are increasingly competing for these dollars. The article “Understanding the Multi-Billion Dollar LGBT Market” presents important highlights, with well-documented information and statistics, from the 11th Annual New Mainstream Business Summit relevant to the LGBTQ+ market. According to a Gallup survey, approximately 3.4% of the U.S. adult population identifies as LGBT or about 9 million people, with about 7.7 households out 1,000 being  same-sex couples.  Although LGBTQ+ consumers represent a smaller portion of the population than other niche groups, they have two to four times the buying power per person than other niche groups like Hispanics, African Americans, and Asian Americans.  Clearly, the LGBTQ+ consumer market segment  offers tremendous opportunities to businessesoffers considerable opportunities to manufacturers and retailers that are able to satisfy the need states of these consumers

Additionally, many of the same-sex partnered households are so-called “DINK” (double income, no kids) consumers, an important niche within the LGBTQ+ market.  Data indicates that 75% of LGBTQ+ individuals are living in DINK households and, therefore, are significant contributors to the economy. Compared to the average American household, same-sex partnered households have significant buying power which.  

Furthermore, evidence indicates that members of the LGBTQ+ community are loyal consumers, shop consistently, and spend a larger amount. For example, 70% of LGBTQ+ adults would pay for a premium product from a company that supports the LGBT community, 74% are likely to consider a brand that support LGBT causes, and 78% - and, importantly, their friends and relatives - would switch to an LGBT-friendly brand.  However, it is important to recognize that there are differences within the LGBTQ community - that they are not “all the same.”  They have different thoughts, beliefs and values - just like any group of people.  Stereotyping should be avoided, and they should be treated as individuals.  The more a business makes an effort to understand the LGBT community, the faster it’s market within that community will grow.