LGBT buying power is estimated to have increased $33 billion since last year

Sophia Babb
Journalism Intern

With higher rates of social acceptance for the LGBT community in recent years, there has been more of a national focus on LGBT issues and its community members. Bob Witeck, owner of Witeck Communications, has attributed this support to the increasing buying power of the LGBT community.

The most recent report by Witeck Communications shows that the buying power of LGBT in the United States has totaled $917 billion. Buying power is defined by LGBT Capital as, “the amount of money that individuals (or households) have available to spend and save after paying taxes and pension contributions to the government,” which is not the same as total wealth.

According to the Pew Research Center, lesbian, gay, bisexual and transgender individuals now make up approximately 6-7% of the United States population. This percentage comes out to represent 16 million+ LGBT individuals living in the United States today.

Three-quarters of millennials supported gay rights according to a recent study by the Pew Research Institute.

When paired with the amount of LGBT individuals living in the United States, marketers have not been able to ignore the LGBT presence.

Marketers and ads have made history in recent years, coming out with ad campaigns and commercials from brands like Absolut Vodka, Campbell’s, and Target that represent LGBT consumers.

Globally, the LGBT buying power comes out to about $15 trillion.

Although LGBT buying power has been increasing, LGBT individuals still have a long road ahead in terms of equal prosperity.

Witeck emphasized that, “Time and again, studies show that transgender people face unacceptably high rates of discrimination in all areas of life, especially in employment and health care,” as well as face economic and and educational disparities nationwide.

Copyright 2016 The Gayly - 7/21/2016 @ 3:29 p.m. CDT