Banking on ‘Pink Economy’: Thailand to Entice International LGBTQ+ Retirees

Thailand will bank on pink economy as it starts to entice international LGBTQ+ retirees to make the country their retirement destination.(Alexander Grey/Pexels)

A stable and thriving economy is one of the major concerns of every country. Recently, Thailand held the “Thailand Gets Ready to Become A Key Destination for LGBT Retirement” conference emphasising its probable expansion of the pink economy. The country will try to attract LGBTQ+ retirees from around the world.

What is Pink Economy?

The term “pink economy” refers to economic activities and market segments associated with LGBTQ+ communities. It involves purchasing power, consumer behaviour and economic impact among individuals and businesses within this community. The use of pink in “pink economy” echoes its longstanding association with rights and pride for this group of people.

Also known as “pink money” or “pink capitalism,” it quickly emerged as an influential market segment, as businesses and advertisers recognize its purchasing power within the LGBTQ+ community. Many companies actively engage and support LGBTQ+ causes for both ethical and economic reasons.

Significantly, any approach towards targeting this market must be genuine and sensitive. Targeting individual consumers without genuine support for rights or inclusivity may come off as exploitative and could backfire. It encompasses different sectors, including Retail, Entertainment and Media, Tourism and Hospitality, Events and Festivals, Healthcare and Wellness, Real Estate, and Apps.

Thailand as Ideal Retirement Destination for LGBTQ+ Retirees

Safe Clinic founder and medical director, Dr Chaiwat Songsiriphan stressed that Thailand’s conscientious lenience for gender diversity will make the country an ideal retirement place for LGBTQ+ retirees and its community. He remarked the country is renowned for its LGBTQ+ parties, nightlife entertainment, and tourism.

However, he emphasised that to become an LGBTQ+ retirement venue, more healthcare experts and clinics should focus on HIV and STDs. He admits that Thailand currently lacks access to specialised healthcare units for the LGBTQ+ community. He claimed the need for obtainability to antiretroviral drugs within the public healthcare system is crucial.

When it comes to an economic perspective, Brendan Berne said that LGBTQ+ retirees are likely to invest in their travel and retirement overseas. They search for retirement societies that will allow them to create their own families. He projected that in the coming years, there will be a surge in LGBTQ+ retirees, specifically as Generation Z reaches their retirement age. Berne is an economist and a former Australian ambassador to France and the Asia-Pacific Economic Cooperation (APEC).