How familiar are you with the power of the LGBT community? Yes, we have power. A lot more than what you would think but do we wield it? Personally, I have to say No!  The businesses of America know because they pay research companies a lot of money to find out.  Witeck-Coombs Communications the premier gay and lesbian PR and marketing firm is one of these companies that understands the contribution that our community makes to the overall financial structure of the United States. Yes, you heard me right the financial structure of the country. 

“A handful of major marketers have invested significant sums in proprietary research, including American Express, Subaru, Ford Motor Co. and IBM. This is a clear indication that big business knows we are here and they are gearing business towards our community.

In September 2004, Witeck-Combs and Packaged Facts estimated the American gay, lesbian and bisexual market size conservatively at 15 million people (benchmarked at 6% to 7% of the adult U.S. population, equaling 14 to 16 million individuals over the age of 18), with a 2007 buying power of $660 billion, and projected to reach $835 billion by 2011. Not counting the statistical overlap of race and sexuality, that makes the lesbian and gay group larger than the Asian-American population of 12 million ($344 billion in buying power), but smaller than the African-American population of 36 million ($688 billion), and the Hispanic population of 41 million ($653 billion). The data for African-American, Hispanic and Asian-American populations are based on U.S. Census data as well as analysis released recently by the University of Georgia’s Selig Center. Witeck-Combs/Packaged Facts found that average income for gay and lesbian individuals is $46,000, and discretionary income is $40,000 (86% of total).

The differences observed in the gay market affecting income are household structure, number of dependents, whether both partners in same-sex couples work (or not), and whether they live in more urban or suburban areas.

The $610 billion estimate is an increase from the groups’ 2002 gay buying power estimate of $451 billion, $485 billion in 2003, and 2004’s $580 billion. The numbers grow annually in tandem with the overall U.S. population and its buying power. Thus, the projection for 2006 is $641.3 billion, for 2007 is $674 billion, and 2008 to $708.5 billion.

Canada’s pink market is estimated at $75-billion-plus by M.D.V. Représentations, which manages sponsorships for Canada’s Pride events.

Gays are not all spring chickens. Witeck-Combs/Packaged Facts also estimates that 2 million gays are approaching or have already reached retirement age, and that by 2020, some 5.7 million, or 25 percent of the gay community, will be 50 or older.

In 2002, a fascinating study from the Brookings Institution by Richard Florida and Gary Gates found a relationship between high-tech cities and those with large gay populations. At the top were San Francisco, Boston, Seattle and Washington, DC.

For some time, gays have also been considered early adopters of technology, particularly online. A 2003Forrester Research study shows that 80% of gay men are Internet users, compared with 70% of heterosexual men. And 76% of lesbians are online, compared with 69% of straight women. And they have been online longer. Almost 30% of all gay men and women have been online for more than seven years, compared with 18% of straight men and women. In addition, gay men are more likely to own portable MP3 players, browser-enabled phones and personal video recorders.

So we have the economic power and believe me $835 billion is a hell of a lot of money. It is more than the national debt of Canada. Yet, despite the economic clout the LGBT community has why are we still second class citizens when it comes to our right to marry, adopt, and generally have what everyone else has. We make a huge impact in so many walks of life in this world why is this so difficult to obtain?

found this article here: http://www.google.com/search?source=ig&hl=en&rlz=1G1GGLQ_ENUS387&q=buying+power+of+gays+and+lesbinas+in+canada&aq=f&aqi=&aql=&oq=&gs_rfai=

Advertisements