The LGBTQ+ communities have come a long way. From being taboo in society to being accepted as they are, their journey is full of struggle and hardships. But, their journey does not merely end in being accepted in society as a community. They have their dreams to accomplish and a long way ahead.
It took them six decades to finally get financial recognition to earn as equals in society. They, too, are becoming financially independent and gaining purchasing power in the local and online markets. This is increasing the contribution of the pink economy to the markets.
The pink economy is also known as the pink money or the pink markets. This term is specifically used to describe the purchasing power of the LGBTQ+ community, which includes non-heterosexual people or cisgender people that include lesbians, gay, bisexual, transgender, intersex, queer, etc.
Yes, it can be said that the pink economy is bringing in a new phenomenon in the markets that has seen many changes in the way the markets work. Areas such as marketing, advertising, and the companies’ business model are the areas that have observed changes the most.
We can date back the origin of the concept of the pink economy back in the 1960s in the United States of America. IT was noted that the ignored community had more purchasing power. They had more power to spend money on consumer goods as compared to people with families and children. This was the emergence of the pink economy.
Well, this raises a lot of questions in our minds.
How do people from the LGBTIQ+ community earn? What is the source of their income?
Do they earn more than we do? How?
Let us then understand the concept of having a high purchasing power.
When we say that this community has a higher purchasing power, it does not mean that they have a higher income. It refers to just having a different consumption habit. It is rather a simple calculation that most people from this community do not have families or will not have children. So, their earned money is solely spent on their needs and living.
According to a report, in the USA and Europe, the demand for luxury products and premium services has increased over time because it is estimated that the community spends nearly 15 % of the income on themselves. This is an expenditure of a single person.
If we calculate their expenses, even when they live as a couple, their expenditure on leisure items will always remain on a higher side. Such couples are called DINK - people with ‘Double Income No Kids.’
Surprisingly, according to a report published in Forbes, the pink economy counts to about 65,000 million dollars in Mexico itself. I am sure this figure would have left your eyes wide open.
You instantly get a question in your mind, What do they do to earn and spend so much? Let us take a look into business and employment opportunities for them.
Many experts have predicted that in the coming years, the contribution of the pink economy will see a new high because their acceptability in society has increased.
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An artist by heart and a writer by profession, Prachi is a vivacious reader. She believes in hard work and her dedication has never let her down. She puts her heart and soul in everthing she does. Though life has not been a bed of roses for her, she affirms that the best way to live it is to maintain an equillibrium between the tunes of life.