Ian Johnson, Out Now
June 24, 2008
TOPICS: UK gay and lesbian market research. Out Now 2008 Millivres UK Gay Market Study. Lesbian and gay marketing. LGBT market. Gay and lesbian spending power. Echelon magazine covers latest Out Now research.It is primarily the spending power of lesbians and gay men that is of most interest to major companies which now actively target the gay and lesbian consumer market.
Of course, other issues are important to corporations -- including workplace equality and diversity -- but at the end of the day, most decisions made in the corporate world are made on a financial basis.
So too in the arena of gay and lesbian marketing.
Out Now released findings from new gay market research last month that shows the value of the total incomes earned in the UK by the gay market has now risen to an estimated £81 billion pounds.
That figure is up from £70 billion pounds three years ago.
A recent article in Echelon, gay and lesbian business professionals magazine recently covered some of these findings. An extract appears below.
If you would like to access more extensive reporting on the latest Out Now gay market research, please contact Out Now.
Why Does Gay Marketing Target The Pink Pound? 81 Billion Good Reasons
Research released from the 'Out Now 2008 Millivres Gay Market Study' shows that last year the almost 3,000,000 gays and lesbians in the UK earned an estimated £81 billion.
The study is the result of the collaboration between the UK`s largest gay media company -- Millivres Prowler, and the leading international gay market consulting agency -- Out Now, and samples the users of six leading UK lesbian and gay media products (both online and print).
With 41% of the sample holding a degree or postgraduate degree, it is not surprising to note that male respondents earned on average £31,099 and female respondents earned on average £23,882. This is significantly higher than the national average, according to the Office of National Statistics, which is £25,896 and £20,488 respectively.
Although many respondents were well-employed, with one in four being of senior manager/professional level, coming out as gay at work was still difficult for many respondents -- 14% of males and 13% of females were harassed last year at work because a colleague perceived them to be lesbian or gay.
Furthermore, 3 out of 4 male respondents (75%), and 4 out of 5 female respondents (82%) think that being out as gay at work can hold back their prospects for career promotion.
When asked where they were intending to visit in the next two years, the top gay travel destination for LGBT community was the UK -- a majority 58% of the respondents in fact. There has been an increasing interest in more exotic locations such as South America, Thailand and the Middle East -- including areas of the world with homophobic beliefs.
-3 out of 4 respondents (74%) also say that finding 'gay friendly' accommodation is determinative in their travel accommodation selection.
-A strong majority (75%) of all respondents report that advertising in gay media has positive effects on purchase decisions, making them more likely chance to purchase from an organization that actively markets its brands and products to the LGBT market.
Ian Johnson, Founder and CEO of Out Now, said the new research provides an important picture of an often under-researched part of the population: "These findings reveal that gays and lesbians continue to make strong contributions to UK life. Accounting for almost 3 million people, earning more than £80 billion of annual income, gays and lesbians represent an important part of the UK`s population. They are also clearly an attractive target market for a growing number of brands. We anticipate further uplift in the number of brands actively targeting the UK`s 3 million gay and lesbian consumers."
"One of the most striking things is the extent to which companies that reach out to gay and lesbian consumers with a targeted gay marketing program can expect to win their brand loyalty," Johnson said. "For brands that get their communications and marketing strategy right, the rewards from the gay market are potentially very large."
Johnson also stressed that averages mask the diversity of the LGBT community, and that the figures are reflective of the specific media samples tested: "The samples we looked at comprise users of the UK`s leading gay and lesbian media products -- and they provide much insight into the state of gay and lesbian life in the UK in 2008. It is also important to point out that averages mask diversity -- and diversity is one of the primary hallmarks of gay life in the UK today."
"Not all gays and lesbians reflect the average findings and that is very important to keep in mind. A key message from this research is how diverse the UK`s 3 million gays and lesbians are," continued Johnson.
Kim Watson, Media Director of Millivres Prowler commented: "With such a high worth placed on the Pink Consumer and the segment`s higher than average earnings, it is no surprise that the study has confirmed very high levels of social and leisure activity in terms of internet usage and spend, shopping, travel and going out. As well as this high level of leisure and social activity 80% of gay, bi and lesbian web users spends 7 hours more online each week than the UK average. Despite the current credit crunch, from these figures it appears there has never been a better time to be targeting this audience."
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