The U.S. Supreme Court’s repeal of DOMA paves the way for gay marriage, which not only benefits same-sex couples but also entrepreneurs in many industries who will have a new market with plenty of disposable income and pent-up demand. Here are some industries that stand to benefit.
- Weddings. Many gay couples have been together for decades, so if they’re getting married they want to do it right. LGBT Americans have over $800 billion in spending power and weddings will benefit caterers, florists, musicians, photographers, beauty salons, restaurants and halls, bridal and tux stores and more. Check out this NBCNews article for a more in-depth look at how the wedding industry may be affected.
- Retailers. Shops that sell wedding-related gifts such as home furnishings will have a whole new market of brides and grooms who can register and get gifts from their stores.
- Home sales, décor and remodeling. Being able to legally marry may spur couples who otherwise wouldn’t have taken the home-buyer plunge to buy homes together, meaning business for realtors, contractors and interior decorators.
- Tourism. Newlywed same-sex couples on their honeymoons will spend big bucks on trips. This L.A. Times article notes that many LGBT couples are older than opposite-sex newlyweds, have more disposable income and have already traveled extensively, meaning their honeymoons are more likely to be “dream trips.”
- Divorce. Sadly (unless you’re a divorce attorney), gay marriage will mean more business for divorce attorneys down the line.
In fact, all types of businesses will benefit in states where same-sex marriage is legal because increased taxes from marriage licenses will pump money into the local economies. In New York City, MSN Money reports, within the first year of enacting the Marriage Equality Act in June 2011, New York City’s economy got a $259 million boost.