The legendary pink dollar potentially enables the LGBTIQ+ communities to wield immense influence. Market researchers LGBT-Capital estimate our aggregate spending power as almost AU$5 trillion globally in 2019. In Australia, we spent over AU$95 billion.
Corporations understand this. An increasingly digitised world provides oodles of data to inform advertising expenditures. That’s why we see promotions inclusive of — and directed at — us!
But not only us. Marketers understand that promoting a commitment to diversity and inclusion also engages our loved ones and allies.
Forget the old blokes on social media chanting ‘Go woke, go broke’. Research indicates those older consumers are generally already set in their brand choices. However much they rant, statistics show they don’t often follow through at the checkout.
However, younger consumers have always gravitated towards progressive values. Therefore, a brand perceived as authentically appealing to the values of the younger generations is more likely to attract their custom.
Opponents of diversity and inclusion generate a lot of noise, while the data quietly paints a different picture. Marketing that appeals to values of diversity and inclusion happens in response to consumer demand, not in defiance of it.
Keep the next pink dollar you spend pink!
This gives LGBTIQ+ consumers immense buying power. If we were a country, we’d be the 5th or 6th biggest economy in the world. That spending power can raise all of us.
The pink dollar can both contribute to us living our best lives individually while advancing rights worldwide. Our visibility, political clout and spending power already see authoritarian countries in the Middle East less inclined to murder LGBTIQ+ citizens. Two years ago, our combined efforts saw the Sultan of Brunei back down on the imposition of brutal and unjust laws.
So, when we have the opportunity of purchasing an equal or superior product for the same or lower price from an LGBTIQ+ or allied business, we do not help only ourselves. We contribute to strengthening our communities both locally and across the planet.
Keep the next pink dollar you spend pink! Brisbane’s Pride Business Network comprises like-minded individuals and businesses intent on providing tangible and lasting benefits to the LGBTIQ+ communities.