Embracing Pride: Stepping Beyond the Spectrum of Rainbows
Celebrate diversity and equality for a whole month! That's right, June is Pride Month, a colourful buzz devoted to advocating for the LGBTQIA+ community worldwide. With over 450 million folks joining the Pride scene, that's more than the population of the United States!
The Pride movement has become more than just a social movement – it's a significant economic force. Deutsche Bank predicts that worldwide spending during Pride Month, often referred to as "pink money," will reach an impressive US$3.7 trillion in 2023, growing at an annual rate of 2%. This economic boom has led to increased recognition of Pride's impact.
With rising global acceptance, this rainbow wave is generating substantial economic opportunities. Brands are jumping on the Pride bandwagon with marketing campaigns, and governments in several countries are encouraging rainbow tourism.
Chief among these corporate initiatives is Levi's Pride collections, which have been a staple for over a decade and have sold out in numerous countries. Moreover, rainbow tourism—especially during Pride festivals—is a booming economic engine, generating revenue and employment in the tourism sector.
For instance, Pride Toronto, one of the largest and longest-running Pride events worldwide, welcomed an estimated 3 million attendees during 23-25 June 2023. The festival was a source of over 4,700 jobs and generated CAD591.7 million for Ontario's GDP. This beats both 2022 (CAD589.8 million) and 2019 (CAD374.2 million) festival revenue, according to the Pride Toronto Board of Directors.
Meanwhile, Thailand is gunning to be a top global destination for the LGBTQIA+ community. With the recent passage of a marriage equality bill, Thai businesses and government agencies are increasingly adopting Pride-themed initiatives. However, concerns about rainbow-washing—brands using the Pride symbol without genuinely supporting the community—continue to persist.
To avoid rainbow-washing, businesses, government agencies, and the LGBTQIA+ community should work together to create a truly Pride-friendly environment. The collaborative effort can start with businesses demonstrating genuine support, such as donating to LGBTQIA+ organizations and implementing inclusive policies. Businesses should also communicate their dedication beyond mere merchandise.
For example, Pullman Bangkok King Power and Mercure Bangkok Surawong keep their rainbow flags flying year-round to symbolize their commitment to inclusivity and warmly welcome the LGBTQIA+ community. Staff are trained to ensure everyone feels comfortable and respected.
Ultimately, a successful collaboration between businesses, governments, and the LGBTQIA+ community can help Thailand establish itself as a top global destination for Pride tourists. Oslo, the capital of Norway, serves as an excellent example. The city's "The Proud Experience" campaign positions it as a welcoming destination for the LGBTQIA+ community, attracting more visitors and solidifying its status as a top Pride-friendly destination.
The expectations of the modern Pride consumer are higher, making opportunities and challenges abound for Thailand. It's up to businesses, governments, and the LGBTQIA+ community to collaborate effectively and create a genuinely supportive environment for the Pride community.
—Kamonmarn Jaenglom, Ph.D.Senior AnalystEconomic Intelligence Centre, Siam Commercial Bank PLC. (SCB EIC)E-mail: [email protected] | Website: www.scbeic.com
Tags:- pride- The Pride of Thailand- Pride Month- Rainbow- diversity- gender equality
- The economic impact of Pride Month is significant, with Deutsche Bank predicting worldwide spending to reach an estimated $3.7 trillion in 2023.
- Brands are increasingly showing their support for the LGBTQIA+ community during Pride Month with marketing campaigns.
- Rainbow tourism, especially during Pride festivals, is a growing economic sector, generating revenue and employment in the tourism industry.
- Thailand is aiming to become a top global destination for the LGBTQIA+ community, with the recent passing of a marriage equality bill encouraging Pride-themed initiatives.
- To avoid rainbow-washing, businesses should demonstrate genuine support by donating to LGBTQIA+ organizations and implementing inclusive policies.
- The "The Proud Experience" campaign in Oslo, Norway, has positioned the city as a welcoming destination for the LGBTQIA+ community, attracting more visitors and making it a top Pride-friendly destination.
- The modern Pride consumer has high expectations, creating opportunities and challenges for destinations like Thailand to collaborate effectively with the LGBTQIA+ community and create a genuinely supportive environment.
