LGBTQ Money
What Is ‘Pink Money’? The LGBTQ Economy, Explained
LGBTQ consumers are now the fastest-growing market segment in America, with regard to purchasing power.
LGBTQ purchasing power is about to explode — and the brands that understand how to connect authentically with younger generations will rise to the top in coming years.
Nearly 18 percent of Generation Z, the group of people born between 1997 and 2012, identify as not heterosexual, according to survey data from research firm Ipsos that surveyed 19,000 respondents from 27 countries. Additionally, nine percent of Gen Z participants identified as bisexual, four percent identified as transgender, non-binary, or genderfluid, and the percentage of Gen Z respondents who identified as either pansexual/demisexual or asexual were twice as high as other generations.
Gen Z’s purchasing power is small now, but their earnings will balloon to $33 trillion by 2030, accounting for a quarter of all global income. Young consumers are queer and savvy, and they pledge allegiance to a brand based on its politics and how it behaves, not what it says in fancy ad campaigns or manicured social media posts. Companies that understand how to engage with and support this market will be rewarded well for years to come.
