Well, I'm a little bothered. But I guess I'm the only one.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 recent financial survey of gay Americans.
The survey, conducted online by MergeMedia Group shows 83 percent of respondents feel the gay market is a stronger financial force than ever before.
Read the rest of the report after the jump.
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.
“This research proves what smart brands already know,” said Dawn Meifert, MergeMedia Group’s chief executive officer. “Gay and lesbian purchasing power cannot be ignored.”
Industry estimates put the total buying power of American gays and lesbians at $780 billion for 2008, and a recent report by economist Lee Badgett and the Williams Institute for Sexual Orientation and the Law at UCLA says gay buying power may reach $835 billion by 2011. The Williams Institute also reported, on average, gay men and lesbians earn more than straight men and women.
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 more than $1 million.
The MergeMedia Group survey, conducted in March, asked approximately 500 participants if they felt their finances were more or less stable than their straight friends and family. Only 5 percent said they felt they were more vulnerable to a recession than straight consumers.
“Even if we are in an economic downturn, a GLBT household with two wage earners is still going to have more disposable income than the average heterosexual household,” said Michael Portantino, publisher of the Gay & Lesbian Times. “Think about it – even a less economically fortunate gay or lesbian household is better off economically than a less economically fortunate heterosexual household. Consider the fact most of us do not have kids – that leaves a lot more money to spend on luxury items.”
An recent Associated Press report also said the California Supreme Court’s ruling in favor of same-sex marriage may boost the state’s ailing economy.
“The good news for California is that in the face of probably the worst budget problems the state has ever faced, the LGBT wedding industry is going to be a financial shot in the arm,” said Jeffrey Prang, mayor of West Hollywood, a popular destination for gay travelers in Southern California.
A recent study issued by the Williams Institute projected that gay men and lesbians will spend $684 million on cakes, photographers and other services over the next three years unless voters reverse the high court’s ruling in the fall.
The researchers found that about half of the state’s more than 100,000 same-sex couples will get married during the next three years, and an additional 68,000 out-of-state couples will travel to California to exchange vows. The study estimated that over that period, same-sex weddings will generate $64 million in tax revenue for the state, $9 million in marriage-license fees for counties, and some 2,200 jobs.
The possibility that the window for weddings could close after the November election – when a constitutional amendment that would ban same-sex marriage will appear on the ballot – has added to the rush to wed. Also, the prospect of getting hitched in a hurry became even more inviting when New York state announced recently that it would recognize same-sex marriages performed in California and other jurisdictions.
Unlike Massachusetts, the only other state where same-sex couples can wed, California does not have a residency requirement for marriage licenses.
“I hope that California’s economy is booming because everyone is going to come here and get married,” Gov. Arnold Schwarzenegger told the California Chamber of Commerce.
What do you say? Has the economy got you concerned?
