Gay and Lesbian Buying Power is Fast Approaching $800 Billion
This report includes 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.
Rockville, MD, August 05, 2010 --(PR.com)-- MarketResearch.com has announced the addition of Packaged Facts’ new report “Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBT Community” to their collection of reports. For more information, visit:
http://www.marketresearch.com/product/display.asp?productid=2690458
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 “Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBT Community” 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.”
“Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBT Community” 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, visit:
http://www.marketresearch.com/product/display.asp?productid=2690458
Contact:
Veronica Franco
MarketResearch.com
vfranco@marketresearch.com
240.747.3016
###
http://www.marketresearch.com/product/display.asp?productid=2690458
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 “Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBT Community” 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.”
“Gay and Lesbian Market in the U.S.: Trends and Opportunities in the LGBT Community” 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, visit:
http://www.marketresearch.com/product/display.asp?productid=2690458
Contact:
Veronica Franco
MarketResearch.com
vfranco@marketresearch.com
240.747.3016
###
Contact
MarketResearch.com
Veronica Franco
240.747.3016
www.marketresearch.com/
Veronica Franco
240.747.3016
www.marketresearch.com/
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