Australians have overwhelmingly supported legalisation of same-sex marriage. Economists are also upbeat about the move. They say this could bring businesses a massive windwall of “pink dollars” as tens of thousands of gay couples tie the knot
Tapping the LGBT market
‘Pink dollar’ was one of the buzz phrases of the 1990s, a time when views on homosexuality were undergoing a major change in many countries, according to the Guardian. “Companies realised that a more open LGBT demographic was something they could lucratively market to”
Boon to business
With nearly 50,000 same-sex couples in Australia, and countless gay tourists who could come to the country to marry, the wedding industry is in for a boom. The Australia and New Zealand Banking Group estimated the business generated by gay weddings in the first year after legalisation could surpass $490 million
Benefits of the “pink dollar” have already led more businesses to lend their names to high-profile events such as the iconic Gay and Lesbian Mardi Gras, which generates millions for Sydney’s economy each year
Marriage tourism
Other immediate financial benefits could include an increase in overseas visitors who choose to marry and honeymoon in the nation, and Australian expats returning to get hitched. “Nearly half of LGBTI couples who tied the knot in New Zealand last year came from other countries. Legalising same-sex marriage would undoubtedly bring similar ... tourism benefits,” a tourism official was quoted as saying by AFP
Being gay in China
Other countries are also looking towards cashing in on the pink economy. Last year, the state-run China Daily ran an article titled ‘Pink Economy’ set to soar as companies target LGBT community. The report said that companies wanted to invest in China’s LGBT market, the third largest in the world, valued at $300 billion per annum