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Tapping the Gay Consumer

In the recent issue of Forbes Magazine, they tackled the growing market of the gay, lesbian, bisexual and transgender (GLBT) in both the corporate and consumer marketplaces. According to the article “Courting the Gay Consumer,” 175 Fortune 500 brands advertise specifically to gay and lesbian audiences.

Big companies such as American Airlines’ AAVacations.com, Volvo, American Express and others are no longer ignoring the power of the gay consumer because:

• Gay buying power is estimated to be about $641 billion in 2006
• While on average they do not earn more than other Americans, this market has more disposable income (hence bigger buying power) because fewer are raising children.

Setting aside any moral objections or issues about this group, GLBT is a market that small businesses can consider. Hyperion Interactive Media has a guide on the various niches that can be tapped to reach the gay market. They have a 2006 report, but the 2005 version is available for free on their website.