« Markets in everything, continued... | Main | Social security options »

The economics of gay weddings

That's weddings, not marriages. Here are a few facts:

1. One estimate puts the size of the gay community in the U.S. at 14 to 16 million, with a projected buying powr of $485 billion.

2. As many as six million gay people live with same-sex partners. Marketers believe gays to have higher-than-average disposable incomes.

3. 2.3 million (heterosexual) couples marry a year, and spend about $50 billion on their weddings.

4. The average heterosexual wedding is estimated to cost $22,000 an event, the average gay wedding costs slightly less at $15,000 [do fewer people come? are fewer people invited?].

5. The not-so-small wedding industry is showing increasing support for the gay marriage idea. Check out these advertisements.

6. Tourist boards in Scandinavia, where gay marriage faces a relatively liberal legal treatment, view gay marriage as a marketing opportunity.

7. Gay marriage websites are proliferating, for instance RainbowWeddingNetwork.com and Alternate Weddings.

8. "Gay Wedding Expos" are popping up around the country, drawing tourist dollars.

The above facts are taken from Sunday's Orlando Sentinel, "Gays are Booming Market for Wedding Industry," not currently on-line.

My take: The mass media and entertainment sectors, motivated by commercial pressures, already have led the mainstreaming of gay America. Business lobbies represent some of the most effective spokespeople for the gay marriage idea.

By the way, are you worried about the federal deficit? Legalizing gay marriage, through the tax law, could well yield over $1 billion in tax revenue.

Posted by Tyler Cowen on March 8, 2004 at 05:59 AM in Current Affairs | Permalink

TrackBack

TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341c66b253ef00e55097817d8834

Listed below are links to weblogs that reference The economics of gay weddings:

» Jon Rauch on gay marriage from Daniel W. Drezner
My previous post on gay marriage generated a fair amount of discussion pro and con. So, for those still interested in the issue, check out Jonathan Rauch's affecting New York Times Magazine essay on the subject. The most compelling section:... [Read More]

Tracked on Mar 8, 2004 10:49:55 PM

» Gay Weddings for $$$ from The Binary Circumstance
Tyler Cowen of Marginal Revolution suggests that gay weddings, as opposed to just gay marriages, could help retire all the deficits. But who will cater with Martha in jail? Wait! A revelation! By George, that's why the justice department wanted [Read More]

Tracked on Mar 9, 2004 6:10:20 PM

» http://newmarksdoor.typepad.com/mainblog/2004/03/gary_becker_and.html from Newmark's Door
Gary Becker and Armen Alchian argued that one of the best defenders of minorities is the free market. Tyler Cowen offers a current case in point: "The mass media and entertainment sectors, motivated by commercial pressures, already have led the [Read More]

Tracked on Mar 15, 2004 7:19:09 AM