The lesbian, gay, bisexual and transgender or LGBT community forms a sizeable chunk of the national populace. It is necessary to treat the community as a specific market segment. Every brand caters to specific markets. Some companies target homemakers while some target kids. Some make products and services for young adults while some aim to impress the professionals, entrepreneurs or the elderly citizens. Very few brands can cut across the different market segments, unless the products and services are in the category of basic items of necessity and utility. The LGBT community is growing at an unprecedented pace. More people are self identifying themselves, declaring their gender or sexual preference and there has been a phenomenal growth in the number of LGBT households in the country.
LGBT consumer statistics, as shown in our info-graphic sheds light on some very interesting facts and realities about how the community looks at brands, companies, products and services. In a general sense, the LGBT community would respond similarly to the same advertisement as a man, woman or heterosexual couples would but there is an element of difference when it comes to specific factors.
For instance, the LGBT community is on record to have spoken against brands or companies which do not have welcoming policies for same sex couples or gay, lesbian, bisexual and transgender people. Likewise, the LGBT community doesn’t endorse companies, brands, products or services whose makers or founders are supportive to organizations or public personalities who do not endorse the rights of the community. These are just some of the many factors that the LGBT community takes into consideration while forming their opinion, preference and eventually buying from a particular company.
Apart from the differences of opinion and preference, it is essential for companies to consider the buying patterns of LGBT consumers because at more than 0.6% households of all households in the country being same sex households, the market segment is massive to say the least. LGBT couples are more avid shoppers, they are more prosperous and more educated. They shop more because they are more likely to be employed and have a much better financial profile. Easily, a company would commit a mistake if this promising market segment is not given its due importance. Having specific strategies to impress and woo the LGBT community, regardless of the product or service in context, can be very rewarding from any company or brand.