Community Marketing & Insights (CMI) has been conducting LGBTQ community research since 1992. In their 16th Annual LGBTQ Community Survey, they reached out to over fourteen thousand individuals across the U.S. and Canada.
Through online surveys, in-depth interviews, on-site and virtual focus groups, LGBTQ recruitment assistance programs, and more, we’ve been able to gain a deeper understanding of the queer community. Here are five key takeaways from the 16th Annual LGBTQ Community Survey that every brand or business should keep in mind!
1. Consumers care about corporate involvement in the LGBTQ community
Consumers are paying more attention than ever to how brands and corporations are supporting the LGBTQ movement. In fact, 71% of LGBTQ people stated that they are more likely to purchase from a company that outreaches and advertises to the LGBTQ community.
CMI asked a recall question about brands that show genuine, authentic support of the LGBTQ community through their outreach or pro-LGBTQ policies or practices. The result? The majority had brand recall for corporations like Subaru, Apple, and Target. But these businesses weren’t chosen simply for their inclusive advertising and marketing campaigns—it goes deeper than that.
2. Supporting the LGBTQ+ community is more than signing a check
While we’ve already started to see the shift toward public corporate support, consumers are more interested in what their internal policies and methodologies look like. Do they truly support diversity and inclusion, and if so, are they willing to speak out against anti-LGBTQ policies and legislation?
Between 97-99% of LGBTQ people said that companies who openly support LGBTQ equality legislation, actively support their LGBTQ employees, and speak out against discrimination of transgender/nonbinary community members are demonstrating true LGBTQ activism.
3. Non-binary and transgender community members have concerns regarding their health coverage
On the topic of LGBTQ policy and legislation, one of the key areas of concern is inclusive health care coverage including health insurance, prepaid health plans, HMOs, or government plans such as Medicare, or Indian Health Service. While 93% of LGBTQ people surveyed said they have health care coverage, 48% reported some concern about losing that coverage. Unfortunately, that concern is highest among transgender and non-binary community members.
As a corporation, it’s important to be knowledgeable of the pressing concerns of the LGBTQ community. This not only allows businesses to gain a better understanding of what their target audience cares most about, but also helps them make informed decisions about where to put their resources so they have the biggest impact.
4. LGBTQ consumers have financial confidence
The LGBTQ+ community has incredible spending power—over 1.7 trillion and growing at its fastest rate ever. When CMI asked the LGBTQ community about their current financial and economic confidence, 32% stated that they were better off than the year prior. While 36% stated that they’re on course to be better off next year.
5. LGBTQ members are BIG spenders—electronics, travel, large purchases
The 16th Annual LGBTQ Community Survey asked thousands of participants to share how they’ve been spending and investing their income in the past 12 months. Here’s what was discovered:
- 82% of LGBTQ participants have streaming television subscriptions (e.g. Netflix, Amazon Prime, Hulu)
- 73% shared that they have had alcoholic beverages (69% wine, 58% beer, 42% vodka, 36% whiskey)
- 38% consume cannabis for recreational or medical purposes
- 31% stated that they purchased over $500 worth of clothing and 29% purchased $500 worth of new furniture
- 50% plan to purchase plane tickets for their next vacation and 54% plan to stay at a hotel during their next trip
Build a more inclusive future
Needless to say, companies that lay a strong foundation now are building genuine, lasting relationships that will pay dividends as the community continues to grow. Embrace diversity and inclusivity by reaching a rapidly growing, fiercely loyal, and high discretionary income market, all with the confidence of having a certified partner by your side. Get to know your new audience, download The Ultimate Business Case for LGBTQ Marketing to learn more.