4 days ago
Thailand embraces the rainbow economy as Pride Month sparks growth
The rainbow economy is experiencing rapid and powerful expansion, particularly in the tourism, entertainment, and lifestyle sectors. PHOTO: EPA-EFE
Thailand is among several countries expected to benefit from positive sentiment surrounding the rainbow economy during the Pride Month celebrations in June.
The rainbow economy is experiencing rapid and powerful expansion, particularly in the tourism, entertainment, and lifestyle sectors. This growth is largely driven by the LGBTQIAN+ (lesbian, gay, bisexual, transsexual, queer/questioning, intersex, asexual, non-binary) community, which is estimated to comprise between 400 and 800 million people worldwide, accounting for 5-10 per cent of the global population.
Globally, the LGBTQ+ travel market is projected to be worth approximately US$357 billion (S$460 billion) by 2025, with potential growth reaching US$604.34 billion by 2032, according to estimates from Coherent Market Insights.
A survey by Gallup found that 22.3 per cent of Generation Z (born 1997-2012) in the United States identify as LGBTQIAN+, followed by Millennials (born 1981-1996) at 9.8 per cent, Generation X (born 1965-1980) at 4.5 per cent, Baby Boomers (born 1946-1964) at 2.3 per cent, and the Silent Generation (born 1945 or earlier) at 1.1 per cent.
Many countries are showing increasing support for marriage equality. According to the 2023 Eurobarometer survey conducted by the European Commission, the level of support for same-sex marriage legislation across Europe is as follows:
Sweden: 94 per cent of the population supports legalising same-sex marriage across Europe
Netherlands: 94 per cent of the population supports it
Denmark: 93 per cent of the population supports it
In Thailand, there are more than six million members of the LGBTQIAN+ community, who are expected to generate over 150 billion baht annually, contributing to a 0.3 per cent increase in GDP, according to Mahidol University's College of Management.
Marriage equality legislation is anticipated to have positive effects on tourism and investment, with the Tourism Authority of Thailand (TAT) estimating revenue from LGBTQIAN+ tourists to reach US$2 billion per year.
Meanwhile, Thammasat University estimates that Thailand's soft power—such as the popular Thai Girls' Love genre series—has gained worldwide recognition, amassing hundreds of millions of views and generating substantial revenue and cultural influence. With strong support, this genre is expected to generate up to 2 billion baht per year.
Furthermore, when assessing viewership figures for Thai Girls' Love series that have aired, the total number of views has reached as high as 800 million, driven by a vast global fan base.
'Thailand is recognised as the world's No 1 destination for gender-affirming surgery, with its medical tourism sector projected to reach 16 billion baht in value by 2025,' Mr Nattakit Tangpoonsinthana, Chief Marketing Officer of Central Pattana said.
'At the same time, the country serves as an emotional safe space for the global LGBTQIAN+ community—particularly travellers from China, South Korea and the Middle East—who see Thailand as a hub of cultural celebration.'
To capitalise on these economic insights, Central Pattana recently launched Thailand's Pride Celebration 2025: 'Pride For All,' which will see Central shopping centres across the country transformed into inclusive spaces that champion self-expression and equality.
Mr Nattakit expects that throughout the month of June, around 1.3 million people will participate in events across all shopping centres nationwide, an increase from 1 million in 2024. THE NATION/ASIA NEWS NETWORK
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