TOPICS: US. Gay marketing. 2007. US lesbian and gay market. Gay marketing in US. Gay and lesbian market. New York Times article on the economic impact of gay weddings in the US. New Jersey stands to gain big economic benefits from new civil union partnership laws. Is gay marriage needed to get lesbians and gay men to the altar?
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The New York Times carried an op-ed article last week that discusses the economic impact that lesbian and gay civil unions can make on an economy.
The author argues that civil unions on offer in New Jersey may not be good enough for lesbians and gay men to take the plunge into official recognition of their relationships, and that the state would only really benefit were full marriage equality granted. We agree with the sentiment but research from the UK suggests that many couples will proceed to marry in their own gay weddings anyway, no matter what label the state chooses to attach to it.
Of course, we know it's all about love and commitment but the reality is that in this world, economic impact carries weight in addition to social justice.
Whatever argument one chooses to justify the advent of civil partnerships, or gay marriage, we feel that it all stacks up - and that the increasing momentum around such civil unions is only set to increase around the world.
Here is a link to the New York Times New Jersey civil unions gay weddings article on gay marriage, and we extract some of it for you below.
The Wedding Economy
By M. V. LEE BADGETT
Published: January 7, 2007 - Los Angeles
THE New Jersey Legislature has sent a message to gay and lesbian couples: Let civil union bells ring. Same-sex couples hoping to marry were not the only ones disappointed at that jarring sound; businesses too have been left at the altar.
From an economic perspective, opening up full-fledged marriage to same-sex couples makes sense. More marriages mean more weddings, and weddings are a big business. According to industry reports, the typical New Jersey wedding costs more than $35,000. Even if gay couples spend only a fraction of that average, the huge pent-up demand from couples in the state and across the country adds up to a lot of money. Florists, caterers, hotels, photographers and restaurants would share in a marriage windfall that could easily top $300 million over the first few years of marriage equality for same-sex couples.
Marriage rights for gay couples would also generate other economic benefits for New Jersey businesses. Recent research shows that equal treatment improves gay, lesbian and bisexual employees’ mental health and happiness in the workplace, which means greater job satisfaction and lower turnover.
While it’s hard to put a specific dollar value on those benefits, companies know that good health and low turnover save them money. The fact that more than half of Fortune 500 companies have already implemented domestic partner benefits on their own suggests that equality pays off.
Becoming the second state after Massachusetts to let gay couples marry would also raise New Jersey’s profile among gays and lesbians looking for welcoming places to relocate and work, and for companies seeking a tolerant and open climate. And the state’s businesses might get a bonus since recent data suggest that many heterosexuals also want to work in places that treat gay and lesbian people equally.
New Jersey’s economy would get these work-force advantages at virtually no cost to the state’s businesses.
Just one question remains: Are civil unions equal enough to marriage to generate these economic gains?
If civil unions are truly generic marriage without the label, New Jersey might still experience a wedding windfall. Vermont’s introduction of civil unions in 2000 lured thousands of same-sex couples from across the country and created a cottage industry for celebrations.
Some of New Jersey’s own gay and lesbian couples also appear less than enthusiastic about civil unions. Raised hopes have made civil unions a distant second best for same-sex couples who would prefer to marry. In fact, some gay couples in Connecticut are boycotting civil unions — only 15 percent of the state’s same-sex couples entered civil unions in the first year that status was available. So don’t count on being invited to a big fancy civil union ceremony; many same-sex couples will hold out for the real thing.
The good news for New Jersey’s economy is that civil unions are rare enough that businesses will probably still gain in less direct ways, even if the luster of equal rights is a bit tarnished. The prospect of equal benefits for employees in civil unions will make New Jersey look good as a place to live and work for gay men and lesbians.
Of course, cashing in on equality might not be the top motive for policymakers concerned about the treatment of same-sex couples. But the economic angle reveals at least two important lessons for lawmakers about the right to marry.
First, equality will benefit a much wider sector than just same-sex couples, namely the state’s business owners and workers. And second, the market makes a good equality detector. It remains to be seen whether same-sex couples vote against civil unions with their feet and save their wedding dollars for the real thing.
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