The pink dollar is a fat wad of bills, yo. According to Fast Company, the LGBT community is a $700 billion dollar spending force to be reckoned with. Recession be damned, gym memberships must be preserved (and in my case, upgraded - hi Equinox!), vacations must be had and drinks must be sipped. While the government is debating whether gays deserve equal rights, our spending just goes into the ether - have we stopped to consider who has who grabbed by the um, well, you get it...Seriously, $700 billion! I feel like the government should pay for my trainer AND my much-needed Louis Vuitton duffel just as a thank you for being a spending gay.
The November issue of the magazine profiles a few companies who are making a profit by courting the gay community. American Airlines, Macy's, Wells Fargo and Viacom (owners of Logo TV) are featured for the work they're doing to attract gay consumers in a thoughtful and honest way. That means they're not just slapping a set of abs on a poster and telling you to spend, spend, spend. Each of these companies is looking for ways to become a part of the gay consumer's life - note: as someone who works in PR, specifically in consumer marketing, I can't help but sound a little academic here - but the point I'm trying to make is that these companies are acknowledging gay consumers' spending potential as well as their humanity (as the President said in his speech yesterday). So, American Airlines isnt just telling you "go to Miami 'cuz the guys are hot;" instead, they've created a whole page listing events and attractions around the world that may be of interest to gays with a case of wanderlust. Logo, of course, is in the business of creating TV shows exclusively for LGBT audiences - and while many thought the network would fail - it's now thriving and it is the launch pad for many companies that want to integrate themselves in the gay community. They should have included Bravo and my baby-daddy Andy Cohen in the mix, but maybe that'll happen next year.
In the meantime, spend spend spend guys...just do so responsibly.