Moneytalks: Recent studies show that the global LGBTQ+ market is growing rapidly. In 2015, the yearly “spending power” of LGBT people globally was estimated at $3.7 trillion, according to LGBT Capital. Global LGBTQ+ tourism in particular has been on the uptick for years, with an annual worth upwards of $211 billion, according to WTM London in 2016.
As context for these numbers, the spending power of black consumers in the United States is averaged at $1.3 billion, and the spending power of women in the United States lies somewhere between $5 and $15 billion, according to Nielsen Consumer.
However, in regards to the global LGBT population, it’s difficult to pin down who qualifies as a queer or trans consumer. In countries where stigma prevents people from reporting their LGBTQ+ identities as well as in countries where there is a lack of research on the LGBT population (read: pretty much everywhere), the data lacks precision. The good news is that as a result, these numbers are probably on the conservative side!
What can we learn from these statistics? Money is a form of power, and it seems that LGBTQ+ consumers will continue to expand as a collective presence on the global marketplace. It’s especially interesting that LGBTQ+ tourism has been steadily rising over the years—just another piece of evidence to prove that queers have more fun. Happy spending!