There may be good reasons for consumer product makers and marketers to put politics aside in order to focus attention on members of the LGBT community as consumers. A recent report from Experian Consumer Insights shows the influence of the LGBT consumer segment is growing quickly.
Attention on LGBT consumers has ramped up with the dramatically increased acceptance of LGBTs--in public opinion, in states' legalization of gay marriage, and, of course, in the dramatic Supreme Court rulings of June 26, 2013. Another reason for more attention is that the size of the group is, itself, growing.
Americans identifying as lesbian, gay, bisexual, or transgendered has grown, Experian reported, to 4.3% of non-Hispanic adults (from 3.4% in 2006).
These consumers, the report said, are younger and more tech-savvy than heterosexual counterparts. The report found that gay/bisexual men and lesbian/bisexual women are more likely to be considered technology "wizards"--the Mosaic USA segment for whom technology is integral to their way of life.
In 2007 there was a single state allowing same-sex marriage; in 2013 there are 14 states and about a third of the population lives in state where same-sex marriage is legal. It's therefore unsurprising that same-sex marriage has grown dramatically in recent years and--particularly after the Supreme Court rulings--is predicted to keep growing. Experian found that 17% of gay men and 16% of lesbian women are currently married.
The report explained why this is important: married gay men have the highest household income, compared with their heterosexual and lesbian counterparts. Married gay men have the highest discretionary spend per capita--they have more to spend on non-essentials.
The report said gay men live in households that spend $6,794 per capita annually to nonessentials--$753 more than heterosexual men.
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