Buying Power of Gays and Lesbians to Exceed $835 Billion

A little late mentioning this one, but it's what we've been saying to clients for years at my agency, Altus Group. Gays and lesbians have the highest per-capita spending of any group. But destination marketing to this group (which in reality is made up of many groups) requires some special understanding of what motivates GLBT consumers.

New York, January 25, 2007˜ No longer considered a narrow niche, corporate America is waking up to the enormous opportunity of marketing to gays and lesbians, whose buying power is set to exceed $835 billion by 2011, according to The Gay and Lesbian Market in the U.S., a new report from market research firm Packaged Facts, in collaboration with the premier gay and lesbian PR and marketing firm Witeck-Combs Communications Inc.This year's report pegs the 2006 buying power of gays and lesbians at $660 billion, an amount that will increase significantly as the gay and lesbian population, estimated at 15.3 million, grows to a projected 16.3 million in 2011.Such phenomenal growth and consumer power has not gone unnoticed by major national marketers. LOGO, the new gay and lesbian cable TV outlet, has more than 80 major brands as sponsors, and advertisers are increasingly targeting gays in mainstream media, particularly online, as gays tend to have a higher proclivity towards digital entertainment than their heterosexual counterparts. The report also tracks the exceptional visibility in the growing numbers of gay and lesbian households and families and provides a comprehensive demographic and regional profile highlighting the core nesting, consumption and travel habits of gay men, women, and couples. "What we're finding since our last report two years ago is a greater openness among gays and lesbians to share their consumer habits, leisure and media pursuits, and personal/social attitudes," notes Don Montuori, the publisher of Packaged Facts. "At the same time there is a growing trend towards acceptance among the American people which is opening up greater opportunities to market to gays and lesbians in traditional and online venues.""As trendspotters, we see marketers hungry to acquire more appreciation of gay America's economic standing, as well as more sophistication about what makes gay households like and unlike other households," said Bob Witeck, CEO of Witeck-Combs Communications. "This report should make a profound and timely contribution to these insights."Now in its 5th edition, The Gay and Lesbian Market in the U.S. provides the most in-depth psychographical look at the consumer behaviors and attitudes of gays and lesbians available. Priced at $3500, this report can be purchased directly from Packaged Facts by visiting: www.packagedfacts.com/Gays-Lesbian-1259124 . It is also available at MarketResearch.com.About Packaged FactsPackaged Facts, a division of MarketResearch.com, publishes market intelligence on a wide range of consumer industries, including consumer goods and retailing, food and beverage, and demographics. For more information visit www.PackagedFacts.com About Witeck-Combs Communications, Inc.Witeck-Combs Communications, Inc. is the nation‚s premier strategic marketing communications firm, specializing in reaching the gay and lesbian consumer market. With over fourteen years experience in this unique market, Witeck-Combs Communications serves as a bridge between corporate America and gay and lesbian consumers. In 2006 Bob Witeck and Wes Combs co-authored Business Inside Out (Kaplan Publishing), considered the first-ever book on marketing insights, practical tips and strategies targeting the gay, lesbian, bisexual and transgender market. They have appeared in worldwide media outlets including Fortune, CNBC, CNN, Reuters, Associated Press, Ad Age, New York Times and Washington Post. For more information visit www.witeckcombs.com