July 22, 2010

LGBT buying power estimated at $743 billion

The total buying power of the adult LGBT community in the U.S. is projected to be $743 billion. This is up from the 2009 projections of $732 billion.

Bob Witeck, CEO of Witeck-Combs Communications, the group who published the estimate, said that the study gives the nation a snapshot of the economic activity of the LGBT community, even in the recession.

Witeck said that this estimate should not be interpreted as any evidence that gays, lesbians, and transgender individuals are wealthier than others. He said that was “little more than a stereotype.”
He said that the stereotype comes from the lower percentage of gay households with children. Especially for gay male couples, he said, having both partners in the workplace with no children makes for a higher per capita household income.
He added, “We also are well aware that under existing laws and norms, same-sex couples are penalized throughout the economy by discriminatory tax burdens, a hodge-podge of inadequate relationship rights and obligations, complex and costly barriers to adoption and parenting, and barriers to access to public safety net programs that are routinely available to married couples and their families.”
The total buying power for all U.S. consumers is estimated at $10 trillion

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