Hey, brands! Listen up. LGBT Americans had $830 billion to spend in 2013 according to an analysis by Witeck Communications, a public relations firm based in Washington D.C. That’s up from last year’s estimate by the same firm, at $790 billion. Buying power can also be called disposable income for the purposes of this study, and is defined as the amount of money remaining after taxes to spend at one’s discretion. It generally amounts to 86% of a person’s income, according to the press release.
“LGBT buying power is diverse in ethnicity and socioeconomic status, and we are an incredibly loyal constituency,” said Justin Nelson, president of the National Gay & Lesbian Chamber of Commerce in the press release. “At NGLCC, we have more than 140 corporate partners that recognize not only the influence of the LGBT dollar, but the economics of inclusivity.”
This power is spread among 15-16 million adults who identify as LGBT in the United States, or 6-7% of the total U.S. population. The press release points out that there is no data showing that gay individuals or families are any wealthier than average, which is a common stereotype.