LGBT Households More Financially Optimistic

More than one-third (34%) of lesbian, gay, bisexual and/or transgender (LGBT) adults in the US say they expect their household’s financial condition to get better during the next six months, compared with just 17% of heterosexual adults, according to a study by Witeck-Combs Communications and Harris Interactive.

The findings represent a significant increase from March 2009 when only 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 survey also revealed that compared with what they spent last year on holiday gifts, 29% of LGBT adults plan to spend more this year. Only 9% of heterosexual adults plan to spend more.

In terms of gift recipients, 45% of LGBT adults plan to spend more on immediate family members, compared with 18% of heterosexual adults. With regard to close friends, 31% of LGBT adulst say they plan to spend more, compared with 8% of non-LGBT adults. And 31% of LGBT adults plan to spend more on extended family, compared with only 5% of heterosexual adults.

Bargain-Shopping Less of Priority

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 say finding the best sales and discounts is important when they are shopping for gifts this holiday season, compared with 65% of heterosexual adults.

Shopping Destinations

In looking at where LGBT and non-LGBT adults plan to do their holiday shopping this year, the study revealed a few differences.  When asked to think about their plans for this year vs. 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 with 25% of heterosexual adults.
• 30% of LGBT adults plan to spend more at warehouse stores (e.g. Costco, B.J.’s), compared with 12% of non-LGBT adults.
• One-third (34%) of LGBT adults plan to spend more at electronic stores (e.g. Best Buy, Radio Shack), compared with 8% of heterosexual adults.
• 30% of LGBT adults plan to spend more at off price stores (e.g. Maxx, Nordstrom Rack), compared with 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 with 8% of heterosexual adults
• 28% of LGBT adults plan to spend more at specialty stores (e.g. jewelry stores, pet stores), compared with  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 with just 3% of heterosexual adults.

Personal finances and shopping preferences aside, an August study by Witeck-Combs and Harris Interactive found that GLBT Americans are more confident and hopeful about the economy and the US’s future than their heterosexual counterparts, with two-thirds (67%) of GLBTs reporting they think things in the country are going in the right direction, compared with 45% of heterosexuals.

About the survey: Harris Interactive conducted the study online within the US between November 2-11, 2009, among 2,516 adults (ages 18 +), of whom 338 self-identified as lesbian, gay, bisexual and/or transgender.
Over-sampling of gay men and lesbians was undertaken in order to allow for detailed analysis of these groups. Among all adults
1,961 (including 249 LGBT adults) indicate that they are shopping during the holidays.