LGBT Community Untapped Market Consumer Brands – Business Insider

Brands from Apple to Budweiser to JCPenney are becoming more interested in gay consumers, with many brands making concerted efforts to target the LGBT market.

Why? What is really at stake? Here are just a few numbers surrounding LGBT consumers and the differences in spending power of gay households vs. the American general market:

  • 23% higher median household income1

  • 24% more equity in their homes1

  • 26% of gay men say they will pay more for top quality brands2

  • 30% have taken a major vacation in the past year2

  • 40% bought a new smart phone in the past year2

Estimates put the buying power of the LGBT community at over $800 billion annually. Some marketers are realizing that they may need to adjust their plans to accommodate this segment, or at least make sure that their marketing spending is inclusive of this valuable target. But many brands have been slow to pick up on the impact of the gay and lesbian consumer on their sales. Some are content to let their general market messages do the job of reaching everyone, and see no reason to pay special attention to LGBT consumers.

via LGBT Community Untapped Market Consumer Brands – Business Insider.

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