Over the past decade, the number of major brands participating in Pride events has been rapidly rising. But why? Can we chalk it up to the age of being woke, or is there much more to this trend? Of course, backing the LGBTQ+ community with marketing dollars is the right thing to do, but at the end of the day, companies are going to make decisions with their bottom line in mind. However, profit and sponsorship are not in competition with one another, but rather go hand in hand. Below are some important facts that brands involved in Pride are already aware of, and you should be too.
LGBTQ+ people are arguably the most brand-loyal community. In fact, 76% of LGBTQ+ people say they are more likely to buy from a brand that they see as LGBTQ+ friendly, while only 11% of the community say friendly brands do not affect their purchasing decision. In addition to supporting queer positive brands, the community also has a powerful voice when it comes to boycotting brands they see as unfriendly. Think of how the community views brands like Chick-Fil-A.
Queer People Often Have More Disposable Income Than Non-Queer People
Beyond brand loyalty, the LGBTQ+ community is often in a position to spend more money than their heterosexual counterparts. Gay male couples make on average 55% more than straight couples, while lesbian couples make on average 11% more. LGBTQ+ couples (especially gay men) are also less likely to have children.Higher-income levels coupled with the fewer children leaves ample disposable income in LGBTQ+ households.
Sponsoring Pride events is a great way to attract LGBTQ+ consumers to your business, but it can also boost morale within your company. Corporate Pride sponsorship is an easy way to let LGBTQ+ employees know that they are valued members of the workplace and can lead to higher employee retention rates. Additionally, letting these employees and their allies march in your local Pride parade is a great annual event that everyone can look forward to.
According to Fortune.com, 48% of all Americans (not just gay people) prefer to buy from brands that are LGBTQ+ inclusive. So, show your inclusivity with a Pride sponsorship and half of the country will be more likely to shop your products. Simple math!
Pride is much larger than just the flashy parades. Pride organizations often put on dozens of events throughout the year. Look into having a presence at these smaller events as well, especially the Pride festival. Many festivals allow sponsors to set up a booth, talk to members of the community about their brands, and give away swag. Company employees or trained brand ambassadors often can make a genuine connection with festival-goers and turn them into loyal customers.
If you’re looking to get involved in sponsoring an upcoming Pride event but don’t know where to start, reach out! Boombox has ample experience helping clients get the most out of Pride sponsorships and we would love to help you as well.