Gay buying power projected at $641 billion in 2006

[kweerwolf]

The total buying power of the U.S. LGBT adult population in 2006 is projected to be $641 billion, according to the latest analysis by Witeck-Combs Communications and Packaged Facts (a division of MarketResearch.com). The estimate was originally derived in a joint study by both organizations entitled, “The U.S. Gay and Lesbian Market.” In 2005, the gay buying power projection was estimated at $610 billion, comparing favorably with the African-American, Hispanic and Asian markets.
In sharing the 2006 projection, Bob Witeck, CEO of Witeck-Combs Communications said, “Estimating buying power is a standard business tool for companies and policy decision-makers. This offers us a snapshot of the dynamic economic activity of America’s diverse gay, lesbian, bisexual and transgender population.” Since 1993, Witeck-Combs Communications has provided expert marketing communications counsel to Fortune 500 companies in their strategies to reach the gay consumer market.

Witeck emphasized that “buying power does not equate with wealth nor can one infer that same-sex households are more affluent than others. We have seen evidence from researchers that gay men may earn slightly less than their heterosexual counterparts.

“The 2000 U.S. Census data on same-sex couples supports the conclusion, however, that gay populations are more concentrated in major metro areas, and less likely to live in rural areas — a characteristic generally associated with higher than average income,” Witeck continued. “Second, same-sex couples are less likely than their married heterosexual counterparts to have children, and they are more likely to have both partners in the workforce, factors which yield higher per capita household income, especially in the case of gay male couples.”

“In today’s competitive marketplace, it is no longer prudent for a leading corporation to ignore the buying power of the gay market,” explained Wesley Combs, president of Witeck-Combs Communications. “Marketers that do risk leaving market share on the table for others to capture.”

http://www.q-notes.com/top01_022506.html

[ruggerson]

1. With all that buying power

you'd think we could organize some kind of political muscle to get equal treatment under the law.

I still think a tax boycott is the way to go. Along with peaceful civil disobedience.

[BR_Parkway]

2. Imagine if we totally starved out the states with the 'its ok to hate

gays' amendments and spent everything we were going to in places like Mass & VT.

With those kinds of numbers - gays = the profit margins of most companies - all the regular buying power just pays the company overhead.

Really don't want to go to jail for tax evasion - partner and I own some businesses together, the tax breaks there are much greater than anything they'd give us under a recognition of marriage, so in our way, we are boycotting. If I go out to dinner with the person that the government will only recognize as my business partner - then it's deductible since we discuss business. Traditional husband and wife couldn't do that for too long.

[JackBeck]

7. Please...

Most of our community will only start to care once this administration takes away their Pottery Barn credit card.

[TaleWgnDg]

3. Whatever is the "buying power" of gays in

.

Whatever is the "buying power" of gays in America, does not then mean that gays are able to take commercial or political advantage of such "power." The missing element is whether gays can be persuaded to gather collectively or to address issues. The so-called "gay community" is a diversified non-united entity that lacks leadership capable of delivering collective identity.

[Maat]

5. That having been said, it is my dream that California legalize ..

same-sex marriage soon, for this PFLAGer would like to see those $ headed our way!

We could offer great wedding packages, and my friend's winery would do really well!

[NMMNG]

4. Screw the corporations, they don't want our money

They're too busy sucking up to the e-mail writing, phone call making fundies.

[Kipling]

6. In the UK we call it the "Pink Pound". It has become a major target.

Apparently gay people are more likely to buy consumer products - as opposed to big suburban houses, which tie in with the "nuclear family" image they are by definition shut out of.