Buying Power
According to Witeck-Combs Communications, Inc. and Marketresearch.com, the 2006 buying power of U.S. gays and lesbians was approximately $660 Billion and is expected to exceed $835 Billion by 2011. Headlines later claimed "'Gay Buying Power' to hit $2 Trillion by 2012." Gay consumers can be very loyal to specific brands, wishing to support companies that support the gay community and also provide equal rights for LGBT workers. In the UK, this buying power is sometimes abbreviated to "the pink pound". More and more Fortune 500 companies are embracing LGBT/gay community consumers to include "domestic partner benefits, non-discrimination policies, and financial support for organizations working to promote equality."
According to an article by James Hipps, LGBT Americans are more likely to seek out companies that advertise to them and are willing to pay higher prices for premium products and services. This can be attributed to the median household income compared from same-sex couples to opposite-sex couples. "...studies show that GLBT Americans are twice as likely to have graduated from college, twice as likely to have an individual income over $60,000 and twice as likely to have a household income of $250,000 or more."
Read more about this topic: LGBT Community
Famous quotes containing the words buying and/or power:
“It is just as impossible to help reform by conciliating prejudice as it is by buying votes. Prejudice is the enemy. Whoever is not for you is against you.”
—John Jay Chapman (1862–1933)
“There is assuredly no more effectual method of clearing up one’s own mind on any subject than by talking it over, so to speak, with men of real power and grasp, who have considered it from a totally different point of view.”
—Thomas Henry Huxley (1825–95)