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LGBT Buying Power Increases to Nearly $1 Trillion—a Huge Economic Impact.

Witeck Communications 2016 LGBT Buying Power Study

The collective buying power of lesbian, gay, bisexual and transgender (LGBT) adults in America has increased. Over the past several years, gay adult purchasing power has reached a record high of nearly $1 Trillion dollars. This amount rivals other minorities buying power in 2016 studies, making the LGBTQ demographic a desirable brand alliance. The numbers continue to grow, too.

The combined buying power in 2016 for LGBTQ adult American’s is up 3.7 percent since 2015. Witeck Communications conducted a recent study that estimates 7 percent of American adults identify as LGBT.

With growing purchasing power, companies seek to target the growing demographic. Brands are shifting to more inclusive advertising as a result.

Partnering with LGBTQ groups, causes, organizations or targeting products through inclusive marketing and advertising has proven effective.

Why? LGBT brand loyalty is higher than other minority groups when it comes to brands and decisions to purchase. This economic benefit also extends to family, friends, and others who support brands who bring diversity and inclusion into workplace culture and continue to reinforce a commitment to doing so.

When considering what matters most in advertising to the LGBTQ individuals and community, OUTBrands believes authenticity in support remains imperative. We assist in ensuring that LGBT marketing is not only authentic in brand support, but also in messaging and the representatives that speak out in marketing campaigns and outreach.

Information from “LGBT Purchasing Power Near $1 Trillion Rivals Other Minorities” written by Bloomberg. Data from Witeck Communications. Contact us to explore connecting with the LGBT community causes and raising awareness of brand inclusion and support. Read the full story on the LGBT purchasing power in the link below for projections of continued economic growth.

 

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Why Brands Are the Most Powerful LGBT Equality Advocates

CEO of Interbrand North America likens boycotts and brands taking bold positions with regard to socially conscious issues as a means through which to generate loyalty among like-minded customers. With the LGBT community, boycotts have had a huge economic impact on states policies and businesses that take positions that go against progressive initiatives for the gay community in the fight for equality. Last spring, North Carolina and Mississippi were under massive scrutiny for passing laws that were discriminatory against gay, lesbian, and transgender residents. Brands stuck together and called for repeal and threatened to stop or scale back business operations in the two states.

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The Best Places to Work 2016 Corporate Equality Index

The Human Rights Campaign Foundation’s 2016 Corporate Equality Index is recognized as the national bench marketing tool in measuring corporate policies relevant to lesbian, gay, bisexual and queer employees (LGBTQ). The 2016 report covers nearly every industry and geographical regions. 407 major businesses received a top score of 100 percent – distinguishing themselves as one of the best places to work for LGBT Equality. 2016’s CEI report includes evaluations of over 851 companies.

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