Does the LGBT market help establish trends?
You bet, according to a recent book published by Danish author and sociologist Henrik Vejlgaard. In Anatomy of a Trend he suggests that successful ones such as the Aeron chair and in-line skates need trendsetters to get them into the mainstream. In a recent article in OUT magazine’s February 2008 issue, he highlights that gay social circles help germinate some trends. Gay men in particular are “important trend-nuturers because we are preoccupied with looks and style.” He also points to the fact that gay men mingle and socialize across social classes and watch each others style and fashion closely.
In discussing fashion with fashion guru Tim Gunn in the recent HRC Equality magazine (Winter 2008 issue) he suggests “ The first thing I notice (about people) is their gender, the second thing I notice is what they’re wearing. And it sends a definite message.” He is the handsome and famous genius mastermind behind the highly successful TV show Project Runway. He views fashion as your personal statement to the world.
So what trends does the LGBT market influence? Good question. I suspected we were early adopters for technology trends, travel trends and yes, fashion. I confirmed my suspicions with the recent CMI 2007-8 survey. I found our propensity to be early adopters meant we frequently shop and purchase online, use credit cards when making purchases, love to purchase high tech products like iPods, smart phones and plasma TVs before the mainstream masses. It also showed our fashion purchases to be higher than average as well as travel purchases. And we are recognized as setting the pace for fashion and travel trends. See the September 2007 FH Out Front Blog post on “Three travel trends worth watching." When marketers actually target us with their LGBT-friendly advertising, are actively supporting the LGBT market and are engaged in the LGBT community, we respond even more favorably. Brand loyalty among the LGBT market is incredibly high. According to the CMI study for lesbians they show a 90.8% loyalty to brands, gay men show a 88.2% loyalty. Both staggering numbers that should have the smart marketers drooling! Couple that with our buying power and it’s an incredible dynamic duo. Our buying power is quoted according to Harris Interactive at $641B annually. Annual incomes for lesbians is $96K for couples, $52K for singles, and for gay men $130K for couples and $62K for singles. Compare that to national averages and it will have you shaking in your boots!
Where will the next trend come from? Not sure, but watch your LGBT friends to see what they’re wearing, where they’re traveling, and what they’re buying – they are setting trends right before your eyes.
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