LGBTQ+ Inclusivity is simply good business.
Lack of diversity training for your business or ignoring this demographic is not just a legal risk, it could be a huge risk to your bottom line.
According to census data, LGBTQ+ is the fastest growing minority segment in the United States. This demographic has buying power, and they rightly, pay attention to what kind of businesses they support.
Want examples?
The 2021 US government census data shows that this growing minority has close to $1.4 TRILLION in spending power. And $3.9 Trillion world wide.
LGBTQ+ Households have on average approximately twice the national household income (nearly $130,000 for gay couples).
LGBTQ+ individuals make up about 4.5% of the U.S population, but account for 8% of the country’s disposable income.
LGBTQ+ consumers seek out brands that represent and include them – far more than members of other minority groups
But this isn’t about rainbows and pride month support – what this community seeks is meaningful representation and engagement with their community.
This also means they want to support businesses and organizations that take a stand against discriminatory legislation, and policies that cause harm to their communities.
A GLAAD survey from 2022 shows that 64% of non-LGBTQ people and 71% of LGBTQ people said they are more likely to purchase from companies that feature LGBTQ individuals in their ads.
Gen Z is growing up – and almost 18% of them identify as something other than heterosexual. This is a very aware group of young people who will be looking to support and work for companies that represent and advocate for them as they age into more buying power. By 2030, that group alone is predicted to balloon into $33 Trillion worth of earnings.
Want to ensure that your business or organization is positioning itself to be worthy of those dollars?
Make sure your leadership, and your mission speaks to the importance of diversity. Build equity and equality into your policies and procedures, and train all personnel to act accordingly.