Married gay dads with children appear to be making significantly more money than other groups.
For decades, many companies ignored the collective buying power of the LGBTQ community, fearing backlash from traditional consumers. Over the last several years however, much of that has changed.
Now, retailers can’t seem to get enough gay dollars flowing through their coffers.
There is a litany of reasons behind the transformation, including the Supreme Court’s 2015 decision that made same sex marriage legal across all 50 states.
Related: Texas wedding duo takes out double page ad to keeps gays out
And given a recent research paper from the United States Department of Treasury, you can expect marketing gurus to be targeting LGBTQ America even more – with an emphasis on gay married dads.
Going by the data, joint tax returns for 2014 showed that the average household earnings of gay men who are married is a whopping $176,000.
When you break down the numbers, that's $52,000 more than female same sex couples and nearly $63,000 more than heterosexual (different sex) couples.
There may be several reasons behind the large number differences, according to the New York Times. These include gender pay gaps, child rearing costs and location.
The demographic data shows that same sex partners are more likely to live on the coasts; in areas that are typically associated with higher costs of living.
It is important to point out that this was a study using data from 2014 – prior to the Supreme Court's landmark marriage equality decision. In this data set, the numbers approximated there were 183,280 same sex couples in the United States.
That number will be significantly higher today because marriage equality is the law of the land.
And here is what’s really jaw dropping.
Apparently, the demographic data reveals the highest household income are gay men with children.
Related: 10 tips for keeping your gay husband happy
Using an average pretax income of $275,000, these households had twice the reported earnings of female same-sex couples and heterosexual couples.
As postulated by The Advocate, the reasons may be multifactorial in nature. Examples include the high cost of adoption and surrogacy, which often acts as a barrier for less wealthy couples who want to grow their families.
It will be interesting to see what the numbers show for 2015 and beyond as more and more same sex couples tie the knot – and have children.
One thing is for certain – America’s retailers will be increasingly targeting LGBTQ consumers as the numbers continue to show the enormous buying power of LGBTQ America.
h/t: The Advocate
