The combined buying power of U.S. lesbian, gay, bisexual and transgender adults rose about 3.7 percent to $917 billion last year, rivaling the disposable income of other American minority groups, according to an annual analysis.
The forecast, based on an estimate that as many as 7 percent of adults identify as LGBT, reflects the growing acceptance by society as more people are willing to self-identify, said Bob Witeck, who for the past decade has been conducting the annual study through his Washington-based communications firm.
“The footprint that gay people have today in the economy is much, much more present, much more visible,” Witeck said in an interview. “Also, companies are responding not just to LGBT purchasing power, they are responding to others who are aligned and sympathetic.”
Gay political and economic power is coming into sharper focus as advocates battle for full equal rights at the federal level. At the same time, hundreds of laws were introduced in state legislatures this year that are seen as eroding rights for LGBT people. In support of their gay employees, Dow Chemical, Salesforce.com, Walt Disney and other companies publicly pressured states to abandon discriminatory laws.