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The annual spending power of the global LGBT market is estimated to be around $3.7 trillion, new data from an asset management company has found.
LGBT Capital, which is the trading arm of Galileo Capital Management, specialising in LGBT asset management and corporate advisory, has released what it describes as the first global estimates of LGBT spending power, LGBT household wealth, and LGBT inbound travel and tourism spend.
The research focused on the US, estimating that the impact of
LGBT travellers on global inbound tourism and travel is more than $20 billion in the US, and more than $5 billion “in each of several European countries”.
The report added that the market also had an impact on GDP in excess of 1% for some countries with high dependency on tourism in GDP.
Paul Thompson, founder of LGBT Capital, said: “Not only does the LGBT consumer represent significant spending power, but due to more frequent and longer travels, the sector punches well over its weight when it comes to tourism spend.”
