New gay buying power estimate: $734B
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.