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Business

LGBT Purchasing Power Near $1 Trillion Rivals Other Minorities

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  • Annual study comes as companies target growing demographic
  • About 7% of U.S. adults identify as gay, bisexual, transgender

The combined buying power of U.S. lesbian, gay, bisexual and transgender adults rose about 3.7 percent to $917 billion last year, rivaling the disposable income of other American minority groups, according to an annual analysis.

The forecast, based on an estimate that as many as 7 percent of adults identify as LGBT, reflects the growing acceptance by society as more people are willing to self-identify, said Bob Witeck, who for the past decade has been conducting the annual study through his Washington-based communications firm.