Witeck Communications conducted a study recently, which has revealed that the disposable personal income of all Americans, including LGBT Americans, is on the rise.
According to their findings, the money LGBT Americans can spend collectively after paying taxes rose 4% to $917 billion in 2015. If you’re wondering about their methodology for calculation, their approach for estimating disposable income among LGBT Americans follows the steps taken by the Selig Center for Economic Growth at the University of Georgia.
Bob Witeck also said that LGBT employees, consumers and businesses are directly shaping the economy in America.
He said: ““Today improved laws, greater visibility and welcoming attitudes help address some of the longstanding discriminatory burdens that LGBT people and same-sex couples face.”
“Nonetheless, LGBT Americans still confront many forms of legal, economic and social inequities in the absence of federal nondiscrimination laws covering employment, housing, public accommodations, healthcare and other aspects of American society. The barriers confronting transgender people are especially severe and must be challenged.”
The co-founder and president of the National Gay & Lesbian Chamber of Commerce, Justin Nelson, had this to say: “LGBT buying power is an economic marker that helps benchmark America’s diverse lesbian, gay, bisexual and transgender communities.”
“At NGLCC, we have more than 150 corporate partners that understand, not only the value of the LGBT dollar, but the economics of inclusiveness and loyalty. Their commitments to our communities prove our NGLCC philosophy that economic visibility, just like social visibility, is essential in building a diverse and inclusive society.”
This growth in buying power is critical, as buying power is key to helping businesses and marketers when considering the impact of reaching the LGBT community.