LGBT travelers are a more valuable market than ever, says a new report from marketing firm Out Now Global.
The report, released Wednesday at the World Travel Market, an industry event in London, puts the potential value of the LGBT leisure travel market at a record $181 billion for 2013, up from $165 billion this year. The United States is the biggest single-country market, at $52.3 billion, but the total value of the eight biggest markets in Europe surpasses the U.S. at $58.3 billion.
Out Now Global CEO Ian Johnson said LGBT people make travel a priority despite the economic crunch many face. “Many LGBT people have grown up experiencing things a bit tougher than most, so a difficult economy, and working to keep things moving in tough times, including our travel plans, is part of the modus operandi for many of us,” he said. “Like many people, LGBT consumers are finding the cost of living tough and some are working two or more jobs to keep things together, but with dramatically fewer households with children, travel remains a viable option for more LGBT travelers and one that is still within their household budget.”
For more findings from the “Out Now Business Class Global LGBT Travel Report,” click here.