The total buying power of the U.S. gay, lesbian, and bisexual (GLB) adult population is projected to be $610 billion in 2005, according to an analysis by Witeck-Combs Communications and Packaged Facts, a division of MarketResearch.com. The estimate originally came from a joint study by both organizations called ‘The U.S. Gay and Lesbian Market.’ In 2004, the buying power was estimated at $580 billion.
The latest estimate assumes that the gay population mirrors the U.S. population as a whole in terms of income, according to a Witeck-Combs release. However, the statement adds that two factors suggest that these figures may be seen as conservative. One factor is that GLB couples tend to live in urban areas—a trait associated with higher-than-average income. The other aspect is that gay couples are less likely than their heterosexual counterparts to have children, which would result in a higher per capita household income.
The head of one of the research companies also urged people not to assign too much meaning to the numbers. Bob Witeck, CEO of Witeck-Combs, said in the statement that ‘buying power does not merely suggest wealth nor does it imply that same-sex households are more affluent than others.’