The LGBT community is worth more than $211 billion! At least that is what Out Now, consulting firm has determined. As part of the LGBT2030, the research program has determined that LGBT consumers will spend over $211 billion in traveling during 2016 alone.
Out Now’s CEO, Ian Johnson, explains: “The global LGBT market continues to be one of healthy growth and opportunities for a growing number of travel industry participants… However, the LGBT consumer market continues to raise its expectations and there is much work to be done by the industry in the areas of communications improvements, strategy development, training and quality assurance for LGBT travellers. LGBT people expect the same level of welcome and respect as all people do when they travel. The new 2016 valuations of this market show that targeting LGBT customers is not only the right thing to do – it is also smart business.”
Out Now’s LGBT2030 research program also illustrates the recent growth rate of the LGBT travel market by country. The USA and the UK have each had an average annual growth rate of 2.5 percent; Turkey, Colombia, and India have had even higher rates of growth. Part of the reason for this growth may be due to the honeymoons that are stemming from the recent uptake of gay marriage. Either way, the good news is that our community is a force to be reckoned with if travel businesses want to thrive.