LGBTQ+people are also more worried about their financial situations than others who do not identify as part of the community, according to a report from Collage Group.

These individuals are primed to slow spending in threatening economic times. When asked how they would adjust to financial struggles, 55% said they would frequent restaurants less, 44% said they would drive less, and 38% said they would cancel travel plans.

Financial situations aside, those in the LGBTQ+ demographic have a stronger urge to travel the world, vs. non-LGBTQ+ people.

The report seeks to answer questions including: How is the cultural identity of LGBTQ+ Americans evolving, how can I leverage these shifts in my positioning and messaging, what cultural and social issues matter the most to LGBTQ+ Americans today and how do I activate on these issues?

Brands can use these details to better resonate with the LGBTQ+ community

LGBTQ+ Americans are self-assured, celebrate who they are, and are deeply in-tune with the challenges others face, This group feels a responsibility to actively support those around them although findings also reveal that this demographic is a frequent target of bias and discrimination. 

This group is less satisfied than others with their portrayals in advertisements. Only 38% are satisfied with how their sexuality is portrayed in ads, and 47% are satisfied with how their gender is depicted, 44% agree that LGBTQ+ stories in movies, TV, books and podcasts focus too much on tragedy and discrimination.

LGBTQ+ consumers reward brands that are committed to supporting their segment and a range of other underrepresented groups.

The report cited some companies that were effectively connecting with this consumer group, including Absolut, Apple, Grubhub, H&M, McDonald’s, United and Virgin Airlines.

The LGBTQ+ community numbers between 20 and 35 million American adults, per Gallup and Census Bureau statistics, respectively. The high proportion of young Americans who identify as LGBTQ+ indicates the community will continue to grow in size and prominence.

Nearly one-third (28%) of Gen Z and 16% of millennials say they are LGBTQ+ compared to 9% of Gen Z and 7% of baby boomers. 

“Since LGBTQ+ identity transcends other demographic markers, the segment is inherently diverse,” per the study. “There are nearly infinite identities and circumstances included within the LGBTQ+ umbrella.”

The Collage Group fielded the study of 5,030 consumers in January 2023. Non-LGBTQ+ totaled 4,347 while LGBTQ+ consumers totaled 683.