LGBT/Planet Out (LGBT)

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Gay Clout To Be $835- Billion By 2011 Study Shows
by 365Gay.com Newscenter Staff
Posted: January 25, 2007 - 5:00 pm ET
(New York City) A new economic impact study says that 2011 LGBT buying power in the US will exceed $835-billion per year.
"Corporate America is waking up to the enormous opportunity of marketing to gays and lesbians," said market research firm Packaged Facts which prepared the study in collaboration with Witeck-Combs Communications, an LGBT marketing and public relations firm.
The report, The Gay and Lesbian Market in the U.S. says that this year the buying power of gays and lesbians will reach $660 billion. The study said that it is estimated there are about 15.3 million gays and lesbians in the country.
"What we're finding since our last report two years ago is a greater openness among gays and lesbians to share their consumer habits, leisure and media pursuits, and personal/social attitudes," said Don Montuori, the publisher of Packaged Facts.
"At the same time there is a growing trend towards acceptance among the American people which is opening up greater opportunities to market to gays and lesbians in traditional and online venues."
Montuori points to the commercial success of LOGO, the LGBT cable network which has more than 80 major brands as sponsors, and advertisers.
"As trendspotters, we see marketers hungry to acquire more appreciation of gay Americas economic standing, as well as more sophistication about what makes gay households like and unlike other households," said Bob Witeck, CEO of Witeck-Combs Communications.
Last year Witeck and business partner Wes Combs co-authored Business Inside Out, considered the first-ever book on marketing insights, practical tips and strategies targeting the gay, lesbian, bisexual and transgender market.
©365Gay.com 2007
http://365gay.com/Newscon07/01/012507power.htm