LGBT HHs remain more optimistic about Finances.

With Black Friday unofficially launching the holiday spending season and constant news coverage of the nation’s economic health, a recent survey showed one-third (34%) of lesbian, gay, bisexual and/or transgender (LGBT) adults sampled, when thinking about their household’s financial condition, continue to say that they expect it to get better in the next 6 months, compared with just 17% of heterosexual adults. This is a significant increase from March 2009 when 25% of LGBT adults expected their household’s financial condition to get better. In March a slightly higher 19% of heterosexual adults said that their situation would get better.

The new nationwide survey of 2,516 U.S. adults, (ages 18 and over), of whom 338 self identified as lesbian, gay, bisexual and/or transgender, was conducted online between November 2 and 11, 2009, by Harris Interactive, a global market research and consulting firm, in conjunction with Witeck-Combs Communications, Inc., a strategic public relations and marketing communications firm with special expertise in the LGBT market.

The survey also revealed that compared to what they spent last year on holiday gifts, 29% of LGBT adults plan to spend more. In comparison, only 9% of heterosexual adults plan to spend more.

Compared to what they spent last year on holiday gifts, 45% of LGBT adults plan to spend more on immediate family members, compared to 18% of heterosexual adults. When it comes to close friends, 31% of LGBT adults say they plan to spend more, compared to 8% of non-LGBT adults. Also, 31% of LGBT adults plan to spend more on extended family, compared to only 5% of heterosexual adults.

When it comes to bargain shopping, LGBT adults list it as less of a priority than non-LGBT adults. Only one-third (35%) of LGBT adults said finding the best sales and discounts is important when they are shopping for gifts this holiday season, compared to 65% of heterosexual adults.

“Virtually all American households have been impacted by the current recession in some ways, and we recognize that LGBT households are no more affluent than others, and are coping as best they can,” said Wesley Combs, President of Witeck-Combs Communications. “This holiday season, retailers will have to work extra hard to win consumers, all of whom are trying to make their dollars go further. Smart marketers who welcome LGBT purchasing power, as well as their families’ needs and their sustained optimism about the economy will be ahead of their competitors at the end of this holiday season.”

Looking at where LGBT and non-LGBT adults plan to do their holiday shopping this year, we can also see a few gaps. When asked to think about where they purchased gifts last holiday season:

– Nearly half (47%) of LGBT adults plan to spend more at discount stores (e.g. Wal-Mart, Target), compared to 25% of heterosexual adults.

– 30% of LGBT adults plan to spend more at warehouse stores (e.g. Costco, B.J.’s), compared to 12% of non-LGBT adults.

– A third (34%) of LGBT adults plan to spend more at electronic stores (e.g. Best Buy, Radio Shack), compared to just 8% of heterosexual adults.

– 30% of LGBT adults plan to spend more at off price stores (e.g. Maxx, Nordstrom Rack), compared to 8% of non-LGBT adults.

– One in four (26%) of LGBT adults plan to spend more at mid-tier department stores (e.g. JCPenney, Kohl’s), compared to 8% of heterosexual adults.

– 28% of LGBT adults plan to spend more at specialty stores (e.g. jewelry stores, pet stores), compared to 5% of non-LGBT adults.

– 26% of LGBT adults plan to spend more at top-tier department stores (e.g. Saks, Macy’s, Nordstrom), compared to just 3% of heterosexual adults.

To view charts CLICK above on ‘More Images’.
For more information at http://www.harrisinteractive.com