LGBT will spend $743 billion this year

Wed. July 21, 2010 12:13 AM by News Staff

Chicago, IL - A new analysis says that members of the LGBT community will spend more than $743 billion this year.

That amount is slightly down from previous estimates, because of the recession.

The study was conducted by Packaged Facts and Witeck-Combs Communications, based on the assumption that six to seven percent of the adult population in the United States identifies as LGBT.

Researchers also assumed that gays and lesbians were more likely to live in urban areas, and less likely to have kids.

"While parenting trends grow, we also see evidence through Census snapshots that same-sex couples remain less likely than their married heterosexual counterparts to have kids," said Bob Witeck, CEO of Witeck-Combs Communications. "They are more likely to have both partners in the workforce, factors which yield slightly higher per capita household income, especially in the case of gay male couples."

The report points out that "buying power" does not necessarily equal wealth, and that the stereotype that gay men in particular tend to be wealthy does not hold water.

The study also notes that LGBT would have even greater buying power, if they were treated equally.

"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," said Witeck.