Pink money

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Pink money denotes the purchasing power of the LGBT community , and the term is often used in connection with political donations. The rise of the gay and lesbian movement has seen pink money go from a marginal market to a thriving industry, especially in the western world. Many companies specifically tailor campaigns for LGBT customers. Examples include night clubs, shops, restaurants and taxi companies. The demand for these services lies in the perceived discrimination by traditional businesses. Globally, in 1998, pink money was valued at $ 560 billion across multiple factors and sectors - specifically entertainment and consumer goods industries. In 2015, the purchasing power of the adult LGBT community rose to an estimated $ 917 billion.

The economic power of pink money has been described as a positive force in the LGBT movement. A kind of "financial self-identification" was created, which makes it easier for gays and lesbians to feel as if they are part of a community they value. Up to 90% of the LGBT community support companies that target pink money, avoiding companies or firms that are seen as "anti-LGBT".

There has also been criticism from some groups of companies that are actively competing for pink money. The argument here was that it leads to gays and lesbians being separated from the rest of society by the special position and that this hinders the progress of LGBT rights.

Great Britain

In the UK, pink money is known as pink pounds. It is estimated that the LGBT market here accounts for six billion pounds a year.

The pink pound is often blamed for large sales of specific products. This includes sales of icons of the LGBT community such as Madonna , Lady Gaga , Kylie Minogue and Cher . A large number of companies have recently started marketing their products directly to the LGBT community. In 2006 a specialized marketing conference called the Pink Pound Conference was held in London. In the same year a similar conference was held by the UK market research company.

Groups and organizations that are concerned with ghettoization, conformity and commercialization of the pink pound are, for example, OutRage !, the NUS LGBT campaign and the Queer Youth Alliance.

A large market for products and services specifically for the LGBT community has grown in recent years. These include wedding services for gays and lesbians, LGBT radio stations and television stations, but also services such as construction workers and plumbers. In 2001, some companies produced pink stickers and pasted them on thousands of pound coins, many of which are still in circulation today.

United States

In the United States, pink money is known as the Pink Dollar or Dorothy Dollar . Many LGBT households are classified by demographers as DINK ( dual income, no kids - “two incomes, no children”), which means that they have more disposable income.

Some sectors have tried to specifically target the purchasing power of the LGBT community. For example, American Airlines has succeeded in growing its income from the LGBT community from $ 20 million in 1994 to $ 193.5 million in 1999 because of the creation of a marketing team dedicated to gay marketing and lesbian busy.

In politics, the pink dollar is also very important. Above all, this is caused by conservative groups who want to advance traditional values. For example, presidential candidate Michael Dukakis publicly distanced himself from pink money in the US election in 1988. However, today pink money is accepted in campaigning. It is especially important to the Democratic Party - in 2000, for example, a total of five million dollars were donated to the Democratic National Committee in pink money alone - "all in all, that makes them [ie homosexuals] one of the most important donors for the Democrats, alongside unions , Litigators and the Jewish community ”. Many candidates such as Bill Clinton , Al Gore , John Edwards , Barack Obama , Hillary Clinton , Howard Dean John Kerry and Joe Biden actively campaigned for support from the LGBT community.

Since 2005, Bob Witecks' communications company from Washington DC - Witeck Communication - has been conducting annual studies on the purchasing power of the gay, lesbian, bisexual and transgender population in the USA. In 2016, Witeck's analysis found that the total purchasing power of American LGBT adults in 2015 was over $ 917 billion, up 3.7% year over year. Overall, this brings the LGBT community closer to other segments of the population, such as black Americans ($ 1.2 trillion), Hispanic Americans ($ 1.3 trillion) and Asian Americans ($ 825 million).

Germany

According to the Dalia study published in 2016, 7.4% of all adults in Germany can be assigned to the LGBT community. According to the Federal Statistical Office , the average monthly consumer spending is EUR 2,517 per German household. Around 90.3 billion pink euros come into circulation every year.

See also

Individual evidence

  1. ↑ Chris Morris: Now meet the real gay mafia . In: New Statesman , February 12, 1999, pp. 22-23. 
  2. ^ Business: The Economy: The Pink Pound , BBC News. July 31, 1998. Retrieved February 29, 2008. 
  3. ↑ Jeff Green JeffAGreen: LGBT Purchasing Power Near $ 1 Trillion Rivals Other Minorities .
  4. ^ Sheila Perry and Máire Cross: Voices of France: Social, Political and Cultural Identity . Continuum International Publishing Group, 1997, ISBN 1-85567-394-0 , pp. 172 .
  5. ^ Business: The Economy: The Pink Pound , BBC News. July 31, 1998. Retrieved February 29, 2008. 
  6. ↑ Chris Morris: Now meet the real gay mafia . In: New Statesman , February 12, 1999, pp. 22-23. 
  7. ↑ Michael Arndt: United Tries for Gay-Friendly Skies , BusinessWeek. May 24, 2000. 
  8. ^ Gays come out for Gore - as lesser evil , Financial Times . January 1, 2007. 
  9. ^ Ruth Marcus: ' Pink Money' Flowing to Democrats. Gay Contributions Now Major Source , The Washington Post. August 18, 2000. 
  10. ^ A b Jeff Green, LGBT Purchasing Power Near $ 1 Trillion Rivals Other Minorities , Bloomberg (July 20, 2016).
  11. ↑ Rosa Geld: Germany. Retrieved July 17, 2019 .