The recent report released by the National Gay & Lesbian Chamber of Commerce (NGLCC) entitled “America’s LGBT Economy” has many business news outlets in an uproar. According to the report “In 2015, NGLCC certified LGBT Business Enterprises (LGBTBEs) alone contributed over $1.15 billon to the US economy; if all estimated LGBT-owned businesses in America are projected, their contribution to the economy exceeds $1.7 trillion.”
With the revelation of a gay and lesbian economy worth over a trillion dollars, experts are looking to figure out what that means for the future of America. LGBT businesses are similar to Veteran owned businesses in that they are largely untapped and recently (last 5 years) making waves within the business community. As they continue to grow, they will seek a place in corporate channels similar to minority and women owned companies. While not a bad thing, it is something that must be accounted for moving forward. In addition with so much money on the line now, expect many corporations to shift their marketing strategy if they have not done so already.
With the growth of the LGBT economic power base, this will mean more privileges and representation. For those expecting diversity strategies in corporate business models to decrease, you are in for a rude awakening.