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New gay buying power estimate: $734B

with 3 comments

An updated analysis shows that — after falling a bit in the teeth of the recession — the projected buying power of the gay market for 2010 is growing again.Marketing firms Witeck-Combs Communications and Packaged Facts wrote the report, available at marketreasearch.com. Witeck-Combs President Wesley Combs says that the LGBT market isn’t just strong–it’s gaining momentum.

Wesley Combs: “For anyone who is looking to understand how to carve out their marketing budgets and where to spend it, this market segment is growing compared to last year and it has a higher per capita buying power than all other niche marketing segments.”

The report says that last year, the recession drove the LGBT community’s buying power down to 732 billion dollars. But this year, the Witeck-Combs study projects gay buying power to float up to 743 billion. CEO Bob Witeck cautions that just because the LGBT community is a strong market doesn’t mean gays are generally wealthy. He says, “…this is little more than a stereotype…we have seen research…that strongly suggests gay men earn slightly less,” and that “same-sex couples are penalized throughout the economy” in the “costly” barriers they face from the government.

 –Rachel Kass

Written by OutQ News staff

July 21, 2010 at 4:13 PM

Posted in Business

3 Responses

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  1. [...] Read more…. Tags: Buying Power, gay [...]

  2. And that includes my $2.98 ! I find it interesting how polls claim they represent a whole group. I am 73 yars old… and not once in my lifetime have I ever been asked to take part in any political or gay poll. I bet they made a bundle selling their results to potencial businesses and companies. I remember in the 1970s, in San Francisco that Gays were stamping their money with “Gay Money” to let the local merchants know where their business came from.

    Ironically, I had a cousin who became a millionaire back in the late 40s and early 1950s. He was the first to use computer (Univac) to predict buying habits of teenagaers. His company was called Gilbert Youth Research. He coined the phraise “Youth Market”, and managed to be hired by many companies… including G.E.(they wanted to know what colors to make and market their new transister radios) Arrow shirt company who created a new ‘Youth” division and would you believe… Phillip Morris! Back then, his estimate were for Millions of Dollars in the American market place, today they are in the Billions of Dollars…
    However… they don’t depend on my buying habits.

    jerry pritikin

    July 25, 2010 at 9:38 AM

  3. [...] pathetic statement, the strongest message you can send is with your pocketbook.  It was recently reported that the GLBT community had $743 BILLION dollars of buying power this year.  Add in allies, and [...]


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