Allure of the pink consume
24th November 2008
Survey says gay market is an untapped, upwardly mobile gold mine that’s recession-proof
LOCAL gay, lesbian, bisexual and transexual (GLBT) wallets are not only an untapped gold mine but are recession-proof, according to a recent survey.
Morne Ebersohn, publisher of the gay men’s magazine Wrapped, and head of Pink Advertising, which commissioned the survey on the market’s spending power in South Africa, says the results are important to marketers and advertisers.
“They demonstrate that Dinks [double income, no kids] does apply to this sector, that the community is mobile, and appears to be reasonably recession-proof.”
Trend analyst Dion Chang said: “It is a consumer revolution. The direction we are moving in, in terms of advertising, has much more of a sense of bespoke service which appeals to that market.”
The survey says GLBT make up an estimated 10percent of the worldwide market.
As one of the most affluent and influential communities in the world, the group is becoming far more attractive to marketing companies, “eager to capitalise on pink buying power”, said Ebersohn.
The ongoing survey, done monthly, so far comprises predominantly white males.
Making use of a web-based self- completion methodology , the survey has already found that at R24080, the average personal income of the respondents is five times the average income in South Africa .
The study also revealed that South Africa’s gays and lesbians are prolific consumers, with household accessories high on their list .
Ebersohn said this market is a veritable gold mine.
“Already we know that these individuals are trendsetters, brand conscious, loyal and have ample disposable incomes,” he added.
# A gay person is 12 times more likely to have a post-matric qualification than his heterosexual counterpart;
# The GLBT market is 20 times more likely to attend live theatre, opera, concerts and movies;
# They are twice as likely to eat in restaurants;
# About 97percent will go on holiday with the prime destination being Cape Town (30.93percent);
# The survey found that there is a propensity for the respondents to be more active than average — almost half participate in walking or hiking; 34 percent in dancing; and 23 percent in adventure sports such as skydiving and bungee jumping.
Source: The Times