GAYS REPORT GREATER FINANCIAL CONFIDENCE
While most of the U.S. population experiences the effects of recession, gay & lesbian market could prove recession-proof
DALLAS, April 21, 2008 – Despite five-year lows in overall consumer confidence numbers, gay Americans report being more optimistic and less concerned about finances than their straight counterparts, according to a newly-released financial survey of gay Americans. The survey, conducted online by Instinct magazine and strategic partner MergeMedia Group, shows that 83% of respondents feel that the gay market is a stronger financial force than ever before.
Even in the current economic climate, relatively few gay Americans say they’ll significantly slow purchases of big-ticket items like high-definition televisions, computers and cars.
“This research proves what smart brands already know,” said Dawn Meifert, MergeMedia Group’s chief executive officer. “Gay and lesbian purchasing power cannot be ignored.”
Industry estimates put the total buying power of American gays and lesbians at $780 billion for 2008. Gay and lesbian individuals are also twice as likely as their straight counterparts to have an income of $250,000 or greater and hold a financial portfolio of over $1 million.
“Instinct readers are obviously a financial force,” said J.R. Pratts, Instinct’s publisher. “They are more than doing their part to fuel the American economy.”
The survey, conducted during March 2008, asked approximately 500 participants if they felt their finances were more or less stable than their straight friends and family. Only 5% said they felt they were more vulnerable to a recession than straight consumers.
With more than 105,000 subscribers, Instinct is America’s #1 gay men’s magazine. The publication recently celebrated its 10-year anniversary as a premier gay publication. It can be found online at instinctmagazine.com.
About MergeMedia Group:
MergeMedia Group is a full-service marketing and advertising agency focused on proving return-on-investment among gay and lesbian consumers. For gay market insights combined with general marketing disciplines like strategic planning and measurement, visit www.mergemediagroup.com.
For more information, contact: Cooper Smith, 214-329-4477 firstname.lastname@example.org