Canada Gay Market

Canada is seeing increasing numbers of companies targeting the gay consumer market. Read how the Bank of Montreal is a brand you can add to the list of companies chasing the pink dollar.

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Ian Johnson, Out Now
March 23, 2008

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TOPICS: Gay money. Lesbian and gay market. Canadian gay and lesbian market. Bank of Montreal. Gay and lesbian marketing news. Gay market and finance. Brands targeting the lesbian and gay consumer market. Canada gay market.

There is no shortage of brands targeting the gay and lesbian market these days.

Now one of Canada's banks -- Bank of Montreal -- is embracing diversity in marketing as part of a strategy to target pink dollars in the gay market.

An interesting report from Canadian mainstream media explores how a new push by Bank of Montreal to target the gay and lesbian consumer market is part of a growing gay marketing trend in the Canadian market.

The lesbian and gay market is clearly one with a lot of appeal for this bank.

Read why in this report extract:

Reflecting a new image in banking -- why some big banks are investing in Toronto's gay community

For some of Canada's biggest banks, the colour of money is increasingly pink.

At a time when banking on diversity is all the rage on Bay Street, financial institutions are hastening their pursuit of gay, lesbian, bisexual and transgendered clients. That community is a market the industry estimates to be worth at least $75 billion across the country.

The Bank of Montreal (BMO) is among those vying for a bigger share and is stepping up its game in Toronto's gay village with a second branch, just in time for Pride Week in June.

A bronze statue of Alexander Wood, one of this city's most celebrated gay pioneers, flanks the new $1.1 million location at Church and Alexander streets. Perhaps in keeping with Wood's entrepreneurial legacy, it will also become the first BMO branch in Ontario to operate seven days a week.

That convenience factor is key to getting so-called "pink dollars" in the door, particularly those earmarked for wealth management, said Lily Capriotti, vice-president of BMO's GTA central district.

When it comes to the gay and lesbian community, the business case for diversity is undeniable, Capriotti said in an interview.

"Clearly when we look at the demographics of this group – they have higher education, higher income levels with more disposable income – we think that is an attractive market for us.

"In addition, we know that they are heavily involved in philanthropic activities and giving, which again, aligns with our corporate strategy at the bank."

Gay, lesbian, bisexual and transgendered investors represent only part of the total wealth management picture, but experts say they are a key demographic given their relatively high levels of disposable income.

When it comes to raising its own brand awareness in that community, BMO is leveraging the expertise of its employee-led gay and lesbian affinity group for advice on corporate strategy, key contacts and participation in various charity events.

BMO is not the only bank keen for this business. TD Bank, which began its gay and lesbian initiatives in 2004, is also trying to carve a bigger slice of the wealth management pie.

Ed Clark, president and CEO, has spoken candidly about ensuring those customers have a "comfortable experience" at TD.

"We want to be a place where employees and customers alike feel comfortable and supported in all their diversity – whether they are men, women, people with disabilities, gays, lesbians, or visible minorities," Clark told shareholders last year.

Canadian Imperial Bank of Commerce has also established an employee-led affinity group and supports gay and lesbian community programs.

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