Bob Witeck, who conducts a study each year on the combined purchasing power of LGBT adults in the U.S., has found a 3.7% increase in the estimate for last year. Last year’s figure was higher than ever at $917 billion, and was based on the estimation that 7 percent of the population identifies as LGBT.
This new number brings the LGBT figure closer to the purchasing power of other minority groups. Black Americans were figured at $1.2 trillion last year, while Hispanic Americans were at $1.3 trillion. These numbers are out of a total of $13.5 trillion in disposable income for all Americans.
Witeck notes that marriage equality has had an impact on the spending power of LGBT Americans, which he believes is likely to keep increasing. Now that they can marry, says Witeck, LGBT adults are spending more like other groups.