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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