The economy is becoming more tolerant, and now the business is trying to win the love of LGBTQ+, while previously this audience in the best case, ignored. Major corporations conduct special promotions, shoot a commercial with a same-sex couple and change working conditions. Authorities in many countries try to keep up with trends: now even in those countries where early same-sex relationships were punishable by law, such as India and China, is now hoping to get their share of “pink dollars.” The reason is simple — in the hands of the LGBT+ focused about 4.6 trillion dollars. The real economy of sexual minorities — in the material “Tape.ru”.
In the hands of the gay, lesbian, bisexual, transgender and Quiros are huge economic resources. If a community of LGBTQ+ will be merged into a separate state, it will be the fourth largest economy in the world with GDP of 4.6 trillion dollars. The time when these people were ignored and subjected to segregation, have passed, now their love want to conquer the largest corporations and entire Nations. In 2016, the U.S. Treasury Department has estimated that same-sex couples men on average earn more than heterosexual for 63 thousand dollars per year (176 thousand dollars). Lesbians have an income of above 11 thousand ($124 thousand dollars).
However, the stereotypical image of the rich gays from the establishment is not always correct. The study, published in the journal Gender & Society, cites several other statistics in Canada, gay men earn about 5 percent less than heterosexual men, while the income of lesbians, as a rule, 8 per cent higher than in heterosexual women. The most noticeable gap in high-paying jobs. So, heterosexual managers receive an average 136,9 thousand dollars a year, and their homosexual colleagues 90,5 thousand dollars. This gap is explained by the fact that gay men often tend to choose traditionally “female” profession and go to women’s groups, while women take the opposite tactic and make a career in a “male” field. Anyway, that’s a major part of the solvent audience for which it is important that its identity is respected.
Around LGBTQ+ grows your market, this phenomenon has received the name “pink economy”. While the main industry, where they seek to “pink dollars” are connected with art, fashion, alcohol, travel, but the number of people willing to work for LGBTQ+ is only growing. For example, Absolute produced Absolute vodka Rainbow, design the rainbow of bottles was developed by the author of the original flag Gilbert Baker, and published the recipes of cocktails with evocative names Absolute Absolute Out and Proud. The company said that since 1980, actively supports the LGBTQ+. “Absolut Rainbow Edition — limited edition, over which not imperiously time. Eat something inside of her, moderately, but do not restrain feelings, expressing their solidarity. Let learn all about this world! Be proud of your uniqueness — our world needs it more than ever,” reads the description. In London the rental company suits Moss Bros launched the campaign “Mr. and Mr.” and began sponsoring gay magazine Attitude, and this happened the same week when Britain legalized same-sex marriage.
Sometimes businessmen are caught in hypocrisy: the words of loyalty towards gays can be dictated by greed and go with the real position. So, the retailer Target has released a promotional video involving gay couples, and later found out that in 2011 the company donated money to fight the dominance of gays. Another illustrative case occurred with Heinz. In 2008 he published an advertisement in which kissed the two men, it caused a negative reaction and was soon taken off the air, which in turn infuriated the gay community.
According to the research company Community Marketing Inc., representatives of the LGBTQ+ per year go to rest in an average of 3.2 times, travel 1.4 times, and in addition, make 2-3 trips to visit friends or relatives. For comparison, according to the American automobile Association (AAA), the average American goes on vacation to a maximum of two times a year. Community VTK+ really travels more often than average Americans, so this income nobody wants to lose,” said John Tanzella, President and Executive Director of the International Association of gays and lesbians. He stressed that the companies primarily expect a sincere position — people don’t want rainbow flags in cocktails, but the real concern and respect for guests and employees from the LGBTQ+.
The most sincere and active I believe chains such as Marriott, Hilton and Kimpton. For example, Marriott a few years donates to non-profit organizations that support homeless youth LGBTQ+, Casa Ruby. For the “pink dollar” tourists are struggling and city government. The Madrid tourism Board conducts annual themed events — Gayday Madrid in September and the festival of gay films Lesgaicinemad in November. In Houston under the tourism project Visit Houston launched a separate website MyGayHouston similar campaign last year started a website Visit Seattle under the hashtag #weSEAlove.
Representatives of the LGBTQ+ actively unite in business associations and carry out their policies. The oldest such Association Golden Gate Business Association (GGBA) — was founded in 1974 in the place of power of homosexuals, San Francisco (there, in particular, was first elected to public office, openly gay Harvey milk). It should be noted that to the full come out GGBA since inception 5 years, only in 1979 the Association became open to use in your posts the word “gay”. In 1980, with its filing was organized by the American Association National Association of Business Councils (NABC). In 1990, GGBA managed to get a as a partner of Nestle, it was the first case when the transnational Corporation openly sided with LGBTQ+. For Nestle was followed by a significant number of corporations. You may recall UBER, IBM, Microsoft, IKEA, Coca-Cola and many others.
They carry out the work policies of inclusion and equal opportunities. Thus the business Association fails to solve the problem of employment, to prevent discrimination in the workplace, to organize courses for cisgendered employees and perform a variety of tasks, including ensuring that transgender corporate health insurance and access to toilets. In addition, corporations that supported such business enterprises, actively sponsor community and participate in a pride. In parallel, there are programs for small businesses that help create jobs within the community. Included in the Association of entrepreneurs can count on advice and legal assistance, possibility to receive loans and grants. Also, themed meetings, where you can find employees and business partners with similar views.
In several cities municipal authorities have introduced a quota on procurement from companies owned by the representatives of the LGBTQ+. Thus, the utilities Commission of California (CPUC) introduced a mandatory limit of 15 percent, with 5 percent of goods and services, the authorities undertake to purchase from firms owned by women, and 1.5 percent from disabled veterans. Similar steps were taken in Massachusetts, Washington state and Pennsylvania. Last year the same mechanism began to lobby in Philadelphia. Jonathan Lovitz, a senior Vice President of the National chamber of Commerce LGBT (National LGBT Chamber of Commerce) said that “other community” in vain are afraid that their income will be reduced. “The owners of LGBT businesses are two to three times more likely to use other minorities in their subcontracts”, — he assured.
Due to the introduction of quotas want to close the gap for discriminated groups who have historically had fewer opportunities than whites cisgendered men. “Contracts are awarded to those who have the greatest access to decision-makers. All we want to do now is make sure that a place at the table will we. We just want to say that we are here and ready to do business,” says Lovitz. At the same time, he noted that the spread now look at LGBTQ+ as a disadvantaged group even more stigmatizers and from this model the community is also trying to depart, while the open position is still an obstacle to do business.
“Pink economy” is actively developing modern technology. Fund LGBT Foundation announces the release of a new cryptocurrency — LGBT Token. The project also involves Hornet Networks, one of the largest social networks for gay men, numbering more than 25 million people worldwide, and Revry, an online platform, which is considered Netflix for LGBTQ+. The President of the Foundation Christof Wittig stated that its crypt will make tangible financial power of the community, while preserving the anonymity of its members. “This is extremely important, especially in those parts of the world where there is still discrimination,” said Chris wood, Executive Director of the LGBT Technology Partnership. Part of the profits will be spent on charity. Wittig admitted that this is, in particular, can be a struggle with the persecution of gays in places like Uganda or Chechnya.
Revry — online cinema created in 2015. According to the official, the idea to start it came to Christopher Rodriguez and Damian Pelliccione that support and romantic relationship, once they found suitable LGBTQ+ content in the package Apple TV. “For us it is an opportunity to attract viewers who never saw themselves on TV, to feel as a community that exists in the media,” says Pellicone. The application was launched in March 2016 during Pride in San Francisco.
Now the service is available in 116 countries, including China, Iraq and Saudi Arabia. As emphasized by the creators Revry, so they are bound and educational function. Originally a monthly subscription Revry cost 6.99 dollar ($4.99, if you arrange it once a year). Now there is an option to get a subscription for free, in this case, the audience will have to endure the commercials. This option is interested in how low-income customers, and those who are afraid that our credit they will be able to identify. Revry receives responses from the appreciative audience from around the world. One user from Saudi Arabia found Pellicioni on LinkedIn to thank him for his application. “I’ve never had a new gay film. I didn’t know that there are people like me,” he wrote. In another letter 22-the summer inhabitant of Iraq have complained of low incomes and persecution: “I cannot live after me, and every day I think about suicide.”
Do not think that the “pink economy” is successfully developing in the US and Europe. On it lay hopes in those countries where until recently, homosexual sex was a criminal offense. For example, in China homosexuality was only decriminalized in 1997, and until 2001 was classified as a mental disorder. Despite this, the country is the third-largest market for LGBTQ+ in the world, trailing only the United States and Europe. Its volume is 300 billion dollars a year. And the American market, according to Witeck Communications, is 790 billion dollars a year, despite the fact that the country has far more people openly declare their orientation. According to China Daily, the Chinese gay community has about 70 million people.
Multinational companies like Starbucks, Alibaba, Nike, and Adidas, have begun to actively promote itself in China as an organization loyal LGBTQ+. For example, last year, Alibaba shopping giant Taobao organized a trip for ten same-sex Chinese couples in Los Angeles so they could get married there (in China same-sex marriages are still prohibited by law). Turn visible and at the state level, Chinese state media regularly publish articles calling for respect for LGBTQ+.
China is Blued, the social network that brings together 40 million representatives of the LGBTQ+ community. The country annually hosts job fairs WorkForLGBT in which, in particular, took part Starbucks, BP, Citigroup, PwC and L’oreal. Also last year, three Chinese companies have sponsored the first in the country in the Contest of innovation and entrepreneurship in the “pink economy.” The main directions of the Chinese “economy pink”: gay Dating assistance with surrogacy, specialized tours. Located in Beijing Star-G Technologies is developing games targeted at gays.
In India, the prosecution of gays overturned by the Supreme court’s decision just last year. A world Bank study showed that the loss of the Indian economy due to homophobia and discrimination in the workplace could amount to from 0.1 to 1.7 percent of its GDP. Ending discrimination allows full use of the competitive staff. It is expected that it will bring to the region’s economy an additional 2.6 trillion dollars. “It will have a huge economic impact,” — said the owner of a chain of luxurious hotels Lalit Keshav Suri. According to him, companies are now able to openly attract the Indian lesbian, gay, bisexual, transgender and Kirov, as well as to promote India in the international market as a country friendly to these categories. It is expected that first win of Mumbai, who is forced to compete with other Asian financial centres for talent, and many of them clearly losing, given that, for example, in Hong Kong have already started to issue visas for the spouses of gay expatriates.
Nakshatra Bagwe, a businessman from Mumbai, has founded a travel Agency for gay men The BackPack Travels in October 2016. After it became legal, he hopes for additional growth. “After the legalization in our community will begin to invest and it will bring more opportunities,” he said. Inder Water opened clothing store, after in 2009 the Supreme court of Delhi for a short time decriminalized homosexual relations.
His shop quickly became fashionable, including the stars of bollywood, but in 2013 the Supreme court reinstated the ban, and Whatmore put the owner of the leased premises. “The ban was the source of many problems, and I had to stop working, but now I intend to open a shop again,” he said. According to Parmesh Shahani, head of Laboratory for cultural studies Godrej, “community LGBTQ+ is obviously an untapped market, and its business potential is huge and will continue to grow.”
Although the “pink economy” makes rapid progress, the financial power of LGBTQ+ should not be overestimated. It is really about big money, but in many countries, the community is still divided, a single government, LGBTQ+, which may direct cash flows and its policy does not exist. Nevertheless, small businesses, and multinational corporations, and entire Nations do not want to lose the income, and pay attention to this category of market participants. If the serial homophobes want to annoy the LGBTQ+ community, they will have to withdraw from almost all everyday products.
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