Orotund Justice Anthony Kennedy’s verdict brought in an impromptu celebrations nationwide as he encrypted a new version of marriage license. A nimbus of legend surrounded as the roars of “Love has Won“ pitched outside the Supreme court. After decades, the conventional marriage ceremonies dechained and brought smiles to many faces as they are signalled to move on, while many others faulted the verdict. But this is not what we are going to discuss as what’s no longer up for dispute is that unisexual marriages will now be happening a lot more than often.
A sexual revolution followed by an industrial revolution is our concern now,where everybody is celebrating love, weddings and putting translucent rainbow over their profile pictures, but none is doing the math. It’s time to see around the corners and anticipate the future market opportunities; as such a big change creates a lot of market opportunities.
Here are 5 market areas which can be tapped due to legalized gay marriages:
There would be an increasing demand of the service providers like attorneys, adoption services, wedding coordinators, marriage counseling etc. A divorce lawyer and a marriage counselor both would walk in together, as there would be a growing need for both information and perception. While celebrations are on for the gays, there is a hope that tears for the lives of newborns who, would be adopted by them and will be turned into smiles.
Another key market derivative would be the online dating sites with consumers using the internet more than ever before. Demand for niche dating networks is increasing with a new wave in the smart phone applications like “dattch” which reduce the geographical interventions. Eventually it would lead to a market size of more the $2 billion with an annual growth rate of around 5.0%.
As societal trends have changed, it will further abridge the barriers to entry of adult toy stores. This increasing trend will be friends with many entrepreneurs as they will cater a range of sexualities. It would also be interesting to note that the extent to which the gay and lesbian market would be catered by sex shops may be relatively high then the percentage of population generally identified as homosexual. Given its size ($5 billion to $15 billion), the entrepreneurs would have a choice to challenge the stereotypes and augmenting the industry.
Instability and promiscuity typically characterize homosexual relationships. These two key drivers increase the incidence rate of serious and incurable diseases like AIDS, GBS and Hodgkin’s Disease etc. The abortion rates would increase though many evangelicals oppose as violation of natural law. Also the In-vitro fertilization would be benchmarked for procuring high revenues in the field of medical science.
Last but not the least, the entertainment industry would surprise the lowbrow lineup, as you tune into a cable network and witness a reality show about a boy beauty queen or a makeover series. Apart from this the media has a social responsibility towards its core audience, to cater the audience and integrate the emotion which is still the best way for the marketers. Gays would be targeted for brand growth and to generate revenues. Also the marketing agencies would target through event and night club promotions.
Every aspect of our life is subjected to trends and outside forces and if one wants to push the limits then one wants to know a place to do it. Marketers can no longer ignore LGBT consumers and the predominance of this community. There is big business opportunities for any corporation to expand and grow their business within the market, as it lays largely unexplored.