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NEW YORK - No longer considered a narrow niche, the U.S. Gay and Lesbian market's buying power will exceed $835 billion by 2011, according to 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.
According to "The Gay and Lesbian Market in the U.S.," the 2006 buying power of gays and lesbians reached $660 billion, an amount that it says will increase significantly as the gay and lesbian population, estimated at 15.3 million, grows to a projected 16.3 million in 2011.
"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," said Don Montuori, publisher of Packaged Facts. "At the same time there is a growing trend towards acceptance among Americans, which is opening up greater opportunities to market to gays and lesbians in traditional and online venues."
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.