Impact of the LGBT Market - Dissertation Example

If we analyze the overall situation of the world, then it is very clear that LGBT belongs to the middle class of society. Their income is not in a high range but because they do not have to spend more for family development as well as for child care so their power of expenditure is comparatively higher than that of the other. From the analysis of different research papers, we can say that the LGBT community consists of different groups who may have faced the same kind of struggle, but their characteristics are distinctly different.

Lesbian couples across the world are more often or not used to have children, whereas in the case of gay couples that possibility is absolutely nil unless they have decided to adopt. The community of bisexual people has both same-sex as well as opposite-sex couples. The people in the transgender group generally face economic discrimination more than the rest three groups.So it is absolutely necessary that the organization while designing their marketing and promotional strategy should keep it in mind that lesbians, gay, bisexual and transgender all these different groups have different kinds of needs and therefore they also looks for products with a different kind of mindset from one another.

The overall analysis also proves the fact that the buying power of gay male couples and lesbian lady couples are almost at par, so both of these groups have very good economical strength to spend money on purchase different commodities. Generally, it has been observed that same-sex couple gives more importance to the financial independence than the general people and sometimes they maintain different accounts for the additional purchase or spending in traveling or other leisure activities. According to the report published in NewsRx, The LGBT community is more optimistic about finance.

A survey conducted by them in the year 2010, clearly represents the fact that, With constant news coverage of the nation's economic health, a survey conducted by NewsRx showed one-third (34%) of lesbian, gay, bisexual, and/or transgender (LGBT) adults sampled, when considering their household's financial condition, continue to say that they expect their income to get better in the next 6 months. If we compared the same with the heterosexuals just 17% of them thought in the same line. There was a significant increase from March 2009 in the same parameter, when 25% of LGBT adults expected their household's financial situation to get better.

In March 2009, a slightly higher 19% of heterosexual adults said that their financial condition would get better. The survey also represented the fact that the amount spent by the LGBT community in purchasing gift items during all their travel across the US, was increased by 29% in 2010, compared to 2009, whereas the increase was only 9% among heterosexual couples. The survey also showed that 45% of LGBT adults were keen on spending more during travel for their close family members, 31% expressed their views that they want to spend more for close friends and the same for their extended family members.

Compared to that, after the Black Friday incident, only 18% of heterosexual couples wanted to spend more while traveling in purchasing gifts for their family members, 8% wanted to spend more for their friends and only 5% wanted to spend more on their extended families. The results clearly represent the fact that the LGBT community was more reluctant to spend more in purchasing different products which in a way made them a great prospect to focus on for the market to expand their business.