The Gay Market: Hidden Buying Power?

The buying market is divided into several different categories based on demographics and sociographics.  One category that’s often ignored by advertisers, marketers and businesses is the gay culture.  In 2009 alone, gays and lesbians accounted for over $712 billion worth of buying power.

Like most other cultural groups, gays and lesbians have their own scope through which they view advertisements and new products.  If culture is what defines who we are and what our brand identity is, than it would make sense to cater to the gay population who tend to be very brand loyal.

Statistic show that Twenty-six percent of gay men claim to be early adopters and are the first to know about  new products and services, while eighteen percent of lesbian women claim the same thing. Additionally, sixty percent of gays, lesbians, bisexuals and transgender also say that people often ask for their advice when it comes to products or services, versus only 34% of the general population.

It seems as though the majority of corporate America is missing out on some prime marketing real estate, which makes one wonder “Can they really afford that in this economy?”

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