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Are Gays Recession Proof? Gays Report Greater Financial Confidence
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Posted: 05/16/2008 - 19:38
• While most of the U.S. population experiences the effects of recession, the gay market could prove recession-proof
Despite five-year lows in overall consumer confidence numbers, gay Americans report being more optimistic and less concerned about finances than their straight counterparts, according to a newly released financial survey of gay Americans. The survey, conducted online by Instinct magazine and strategic partner Dallas-based MergeMedia Group, shows that 83% of respondents feel that the gay market is a stronger financial force than ever before.
Even in the current economic climate, relatively few gay Americans say they`ll significantly slow purchases of big-ticket items like high-definition televisions, computers and cars.
“With an optimistic financial outlook -- even in a recession -- and tremendous brand loyalty, gay and lesbian purchasing power cannot be ignored by America`s brand leaders. Any brand who ignores this lucrative market does so at its peril,” said Dawn Meifert, MergeMedia Group`s chief executive officer.
Industry estimates put the total buying power of American gays and lesbians at $780 billion for 2008. Gay and lesbian individuals are also twice as likely as their straight counterparts to have an income of $250,000 or greater and hold a financial portfolio of over $1 million.
The survey, conducted during March 2008, asked approximately 500 participants if they felt their finances were more or less stable than their straight friends and family. Only 5% said they felt they were more vulnerable to a recession than straight consumers.
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