LGBTQ Buying Power
The total buying power of the adult U.S. lesbian, gay, bisexual, transgender and queer population is projected $917 billion (Huffington Post: Witeck Communucations 2015 Study)
LGBTQ / Non-LGBTQ Purchasing Habits
A 2015 analysis from Witeck Communications studied the combined buying power and purchasing patterns of the LGBTQ adult population. The report found that LGBTQ workers, businesses and consumers are directly shaping the American economy. Additionally, contemporary market behaviors are favorably shaped my millennials who are the most LGBTQ- inclusive generation yet. For example, in August 2014, according to a Google Consumer Survey, over 45% of all consumers under the age of 34 say they’re more likely to do repeat business with an LGBT-friendly company. A majority of these consumers – more than 54% — also say they would choose an equality-focused brand over a competitor.
Echelon Magazine maintains a list of LGBTQ market-related studies and other research.
- Web advertising, such as that purchased through Google's AdWords, can target LGBTQ-specific websites.
Similarly, event and conference sponsorships can provide businesses with targeted audiences that can assist their bottom line. For example, businesses that support LGBTQ pride celebrations in particular cities can establish local connections with LGBTQ consumers. Meanwhile, many law firms attend and recruit from the annual Lavender Law conference, which provides attendees the opportunity to interact with firms that are very clearly interested in hiring LGBTQ lawyers.