This is the third installment in a series that delves into insights from the YouGov Affluent Perspective 2018 Global Study. Each year, we study the lives, values, and shopping habits of the world’s most successful households.
In celebration of PRIDE month, YouGov Affluent Perspective looks at the more than one million LGBTQ Americans who are part of the greater US affluent population (those with a household income of at least $150,000). On paper, the LGBTQ affluent aren’t that different from other affluent -- they’re well-educated high-earners, with money in the bank.
What’s notable about this group is the degree to which they are steadfastly committed to living their principles – a stark contrast to the “do as I say, not as I do” way of life that often brings down well-known figures.
Here are two great examples of LGBTQ principles in action: their concerns about climate change and the widening wealth gap.
Overall, 53% of the affluent are concerned about climate change, with just 32% extremely concerned. In comparison, of the 80% of affluent LGBTQ who are concerned about climate change, 53% are extremely concerned. This passion translates into action. When asked, “What are your goals for the coming year?” 43% of affluent LGBTQ plan to reduce their consumption (vs. 24% of the general affluent) and 46% plan to reduce their impact on the environment (vs. 23%). How does this impact their affinity for brands? Nearly 4 in 10 (39% vs. 21%) agree strongly that they like brands that follow sustainable practices.
Less than half (45%) of the overall affluent are concerned about the concentration of wealth among the top 1%, with just 29% extremely concerned about it. Sixty-six percent of affluent LGBTQ share a concern for wealth concentration – with nearly 50% expressing extreme concern for this phenomenon. It’s no surprise then that this group is much more likely to consider equality an important personal value compared to other affluent (63% vs. 36%). More significantly, 41% of affluent LGBTQ agree strongly that they like brands that share their values – compared to just 10% of all other affluent.
Nothing expresses their unwavering commitment to living their values than how they chose to spend their money. Forty-two percent are extremely likely to stop using a brand if it does something against their principles. This compares to just 25% of other affluent consumers.
For brands looking to appeal to the LGBTQ affluent, the group’s passions poses both opportunities and risks. Taking a stand that appeals to them could draw them in in droves; straying from their path could push them away in equal numbers. But one thing they’re definitely not buying is apathy.
For more information, please visit AffluentPerspective.com