The Pink Dollar Movement originated in the early 1990s during a time of homophobic sentiment around the world. Thanks to the movement’s leaders and supporters, the LGBT community was able to gain acceptance from the media and politicians. Now, almost 20 years later, the Pink Dollar Movement has hit the world’s most populous country. According to Witeck Communications, the spending power of the LGBT community in China is worth $300bn per year.
From an illegal practice, in the mid 90s, the LGBT community has seen a major advertisement shift in China as many corporations, including Nike, Starbucks, and Adidas, look to take advantage of the growing market.
With all the bright spots, not everyone is convinced that the Chinese market has full accepted the formation of a Pink Economy. In explaining his experience with China’s work culture Fei, a Beijing-based sales rep for a US-owned IT company did not feel it is very welcoming new his lifestyle. “I don’t want to risk it [telling people his sexual orientation]. In my job there’s fierce competition, I don’t want people using my sexuality [against me]. I’m dealing with government clients; I don’t want them to have weird feelings.” Fei is not alone as a recent LGBT Community Report indicated that roughly 5 percent of 30,000 people they interviewed have told a family, friend or colleague about their sexuality.
Acceptance of homosexuality is varied throughout the nation but things are improving. Although some see the change in company culture as a gimmick, we at Supplierty News view the Pink Economy is a progressive and hopefully effective way to change things within a very conservative yet booming market.