LGBT Households More Financially Optimistic

December 8, 2009

This article is included in these additional categories:

Analytics, Automated & MarTech | Financial Services | LGBTQ | Retail & E-Commerce

More than one-third (34%) of?lesbian,?gay,?bisexual?and/or?transgender?(LGBT)?adults in the US say they expect their household’s financial condition?to?get?better?during?the?next?six?months,?compared?with just?17%?of?heterosexual?adults, according to a study by Witeck-Combs Communications and Harris Interactive.

The findings represent a significant?increase?from?March?2009?when only 25%?of?LGBT?adults expected their household’s financial condition to get better. In March, a slightly higher 19% of heterosexual adults?said?that?their?situation?would?get?better.

The?survey?also?revealed?that?compared with what?they?spent?last?year?on?holiday?gifts,?29%?of?LGBT?adults?plan?to spend more this year. Only?9%?of?heterosexual?adults?plan?to?spend?more.

In terms of gift recipients, 45%?of?LGBT?adults?plan?to?spend?more?on?immediate family members, compared with 18% of heterosexual adults. With regard to close friends, 31% of LGBT adulst say they plan to spend more, compared with 8% of?non-LGBT?adults. And 31%?of?LGBT?adults?plan?to?spend?more on extended family, compared with only 5% of heterosexual adults.

Bargain-Shopping Less of Priority

When?it?comes?to?bargain?shopping,?LGBT?adults?list?it?as?less?of?a?priority?than?non-LGBT?adults.?Only?one-third (35%) of LGBT adults say finding the best sales and discounts is important when they are shopping for gifts this holiday season, compared with 65%?of?heterosexual?adults.

Shopping Destinations

In looking at where LGBT?and?non-LGBT?adults?plan?to?do?their?holiday?shopping?this?year, the study revealed a few differences.??When?asked?to?think?about their plans for this year vs. where?they?purchased?gifts?last?holiday?season:

  • Nearly?half?(47%)?of?LGBT?adults?plan?to?spend?more?at?discount?stores?(e.g.?Wal-mart,?Target), compared with 25% of heterosexual?adults.
  • 30%?of?LGBT?adults?plan?to?spend?more?at?warehouse?stores?(e.g.?Costco,?B.J.’s),?compared with 12%?of non-LGBT?adults.
  • One-third?(34%)?of?LGBT?adults?plan?to?spend?more?at?electronic?stores?(e.g.?Best?Buy,?Radio?Shack), compared with 8% of heterosexual adults.
  • 30%?of?LGBT?adults?plan?to?spend?more?at?off?price?stores?(e.g.?Maxx,?Nordstrom?Rack),?compared with 8% of non-LGBT adults.
  • One?in?four?(26%)?of?LGBT?adults?plan?to?spend?more?at?mid-tier?department?stores?(e.g.?JCPenney, Kohl’s), compared with 8% of heterosexual adults
  • 28%?of?LGBT?adults?plan?to?spend?more?at?specialty?stores?(e.g.?jewelry?stores,?pet?stores),?compared with? 5%?of?non-LGBT?adults.
  • 26%?of?LGBT?adults?plan?to?spend?more?at?top-tier?department?stores?(e.g.?Saks,?Macy’s,?Nordstrom), compared with just?3%?of?heterosexual?adults.

Personal finances and shopping preferences aside, an August study by Witeck-Combs and Harris Interactive found that GLBT Americans are more confident and hopeful about the economy and the US’s future than their heterosexual counterparts, with two-thirds (67%) of GLBTs reporting they think things in the country are going in the right direction, compared with 45% of heterosexuals.

About the survey: Harris?Interactive?conducted?the?study?online?within?the?US?between?November?2-11,?2009, among?2,516?adults?(ages?18?+),?of?whom?338?self-identified?as?lesbian,?gay,?bisexual?and/or?transgender.
Over-sampling of gay?men?and?lesbians was undertaken in order?to?allow?for?detailed?analysis?of?these?groups.?Among?all?adults
1,961?(including?249?LGBT?adults)?indicate?that?they?are?shopping?during?the?holidays.

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