Pink Money is an organization that creates programs for women, men, in areas throughout the world. The organization creates innovative programs using the “pink” money concept. The concept was introduced by the founder of Pink Money, Dr. Eliana Berger.
What is Pink Money?
Pink money refers to the purchasing power of the homosexual and lesbian community. In addition to being economically strong, pink money has the potential to be politically powerful as well, with pink money donations possibly affecting the outcomes of political elections.
Many companies and politicians are aware of the power of pink money as a result of the active gay rights movement, and some go out of their way to cater to this desirable demographic, as some gay and lesbian couples have large disposable cash.
Pink money may be referred to as the pink dollar, the pink pound, or the Dorothy dollar, depending on where you reside. The “pink” refers to the pink triangle, which has become an emblem of the LGBT rights movement since it was used to identify homosexuals in Nazi extermination camps.
As the homosexual rights group got more active, it opted to reclaim the mark as a readily identifiable symbol. The “Dorothy” in “Dorothy dollar” is a reference to the American euphemism “friend of Dorothy,” which is occasionally used to designate lesbian community members.
The market power of Pink Money
Pink money’s market power is continually increasing, in part because the gay rights movement has made it easier for many homosexual couples to be open about their sexual orientation.
In certain places, gay and lesbian couples choose to avoid establishments with an anti-gay position in order to support LGBT-friendly enterprises. Numerous enterprises, ranging from automobile manufacturers to pet supply stores, aggressively pursue the gay and lesbian market.
Gay and lesbian couples without children who are wealthy and childless may also travel extensively, engaging in a variety of travel activities with their relative independence and substantial dual incomes.
Numerous airlines, destination resorts, and other travel-related businesses compete for pink money in the hopes that it would provide a stable and dependable income source.
Pink Money in politics
Pink money is an increasing portion of the pie when it comes to political contributions in politics. Wealthy gay and lesbian couples are frequently politically engaged, and they flock to candidates that favor gay and lesbian equality.
In an effort to defeat an anti-gay candidate, members of the gay and lesbian community may unify behind a single candidate utilizing their economic weight to influence the campaign.
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Business opportunities in the pink economy
Several researchers concur that the pink market will expand as LGBT+ rights expand, since the need for new products and services will increase.
These are opportunities inside the pink economy.
Tourism. Since a couple of decades, many locations, hotels, and travel agencies have adapted to be ‘gay-friendly,’ offering tourist packages that give a safe atmosphere to prevent discrimination issues with guests, this is likely the industry that has concentrated the most on capitalizing on pink money. In 2017, the pink market provided $1.4 billion to the tourist industry in Mexico.
Wedding. As laws ensuring equal marriage are approved, same-sex weddings are gaining prominence.
Entrepreneurs in the industry have a variety of alternatives to accommodate the needs of these couples, including matching wedding gowns and outfits, gender-neutral wedding and engagement rings, and gay-friendly honeymoons, among others.
Financial industry. Currently, there is a gap in the availability of goods that cover same-sex marriages, such as life insurance and medical bills. Promotion and advertising. In these domains, the emphasis on the pink economy is mutually beneficial.
While marketing and advertising companies provide new options for their businesses to access the pink market, they also help to the visibility of the LGBTIQ community, which might increase support for their political objectives.
Do LGBTIQ + people make more money?
This additional purchasing power does not necessarily imply that LGBTIQ+ individuals have a greater income, but rather that they have distinct purchase patterns. A significant portion of them do not have and do not want to have children, allowing them to spend more money on themselves.
Bob Witeck, CEO of Witeck Communications and expert in evaluating the LGBT market, told the Financial Times: “Gay men will travel more frequently, spend more time away from home, and pay more attention to home design and fashion.”
According to the portal, there is a link between the rise of the pink economy and the increase in demand for luxury items and premium services in the United States and Europe, since this group is predicted to spend 15 percent more than heterosexuals. OinkOink .
Due to the fact that both partners contribute to the household’s income, their budget for luxury items is increased when they decide to live together. These couples are referred to as DINK, which stands for “double income / no children” or “double income / no children.”
This increases their spending power by 10 to 15 percent, allowing them to make purchases of more expensive products and services, such as restaurants, apparel, and luxury vacation, among others. An item that traditional households can hardly afford.
The buying power of the gay and lesbian community is sometimes called “pink money.” Since the rise of the homosexual rights movement, pink money has gone from being a small or niche market to a thriving economy in many parts of the Western world, including the United States and the United Kingdom.
The “pink” is a reference to the pink triangle, which was used to identify gay people in Nazi death camps and is now a symbol of the LGBT rights movement. As the gay rights movement grew, it decided to bring back the symbol as a well-known symbol.