The same publication projecting that the buying power of the U.S. GLBT population will swell to $743 billion by the end of 2010 is also reporting that gay Americans are more optimistic about the economy. The Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBT Community, 6th Edition, released by market research publisher Packaged Facts, reveals that 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.
Not only are GLBT consumers more likely to spend their increasing wealth – the gay population is growing in size. Packaged Facts estimates that the U.S. GLBT adult population exceeded 15 million in 2009 and will likely eclipse 16 million by 2014. Additionally, the publication reports that 58% of gay and lesbian consumers would buy everyday products and services from companies that marketed directly to the GLBT community.
For those of you not keeping score, let’s review:
1. GLBT buying power is growing despite a down economy.
2. GLBT consumers are more optimistic about the economy and are more willing to spend during the economic downturn.
3. The GLBT population is growing steadily.
4. GLBT consumers are much more likely to buy from companies that market directly to them.
For American marketers, the writing is on the wall: not only can the gay consumer segment be highly lucrative, it is a population businesses can no longer afford to ignore.