LGBT Pride and the $1 Trillion Rainbow Market
SEATTLE (PRWEB) June 20, 2018 -- Once a grassroots counterculture movement, LGBT Pride has gone decidedly more mainstream. To some, Pride has morphed into a marketing extravaganza, replete with top-name corporate sponsors and rainbow-themed campaigns specifically targeting the Lesbian, Gay, Bisexual and Transgender (LGBT) community.
A recent quick poll of LGBT Americans by insights and analytics firm Kompren found that the vast majority (87%) view Pride as both a social and political event. Moreover, the LGBT audience is highly sensitive to the approach and messaging of corporate sponsorships at Pride.
“With an estimated annual purchasing power approaching $1 trillion, the US LGBT market now rivals other minority groups,” said Ben Piper, Principal Analyst at Kompren. “This is a fact not lost on marketers, who are increasingly executing outreach strategies aimed at attracting and retaining the segment.”
The role of corporations in supporting LGBT Pride has inspired much debate, but a majority (69%) of LGBTs surveyed have a favorable impression of companies sponsoring Pride events, and 59% say they’re able to recall specific brands afterwards.
Simply slapping a rainbow flag on a product is not enough, however.
“Our research suggests that while LGBT audiences value these statements of inclusivity a great deal, they are also looking for authenticity,” said Tara Forth, Principal Analyst and co-author of the recent studies. “Brands must strike the right balance between advocating and advertising.”
The Kompren study, “LGBTs at Work: The Business of Inclusivity” focuses on social, workplace and consumer facets of LGBT life in America, and is scheduled for release in late June.
For more information on the study, or to receive an Executive Summary, contact [email protected]
About Kompren
Created by two market research veterans intent on using their powers for good, Kompren is an insights and analytics firm dedicated to connecting clients to multicultural, diverse, and influential audiences. Kompren works with clients through multi-client and custom research services, workshops and consulting engagements. For more information, please visit http://www.kompren.com
Contacts:
Ben Piper
[email protected]
or
Tara Forth
[email protected]
Benjamin Piper, Kompren, http://www.kompren.com, +1 (971) 248-6704, [email protected]
Share this article