Thailand embraces the rainbow economy as Pride Month sparks growth

BANGKOK - 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, transgender, queer/questioning, intersex, asexual, non-binary) community, which is estimated to comprise between 400 million and 800 million people worldwide, accounting for 5 per cent to 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 US 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 (S$5.9 billion) annually, contributing to a 0.3 per cent increase in gross domestic product, 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 estimating