Private sector steps up for a piece of THB230 billion ‘rainbow economy’

Thailand’s private sector is gearing up to be a part of Pride month events in June to celebrate equality and rights of gender diversity groups, also known as the LGBTQIAN+.

The organisation of pride activities is in line with the government’s plan of making Thailand a tourist destination with world-class festivals and events under the Ignite Thailand initiative.

Analysts estimate that the rainbow economy, revolving around gender diverse people, could generate up to 230 billion baht revenue per year, thanks to members of LGBTQIAN+ groups who have around 40% more purchasing power than average tourists.

Thanks to the recently approved equal marriage bill, Thailand now has the potential to become Asia’s largest pride destination and landmark, and the fourth biggest in the world, especially if the kingdom is selected to host the World Pride 2030 event, said experts.

Riding on this trend, operators of major shopping centres are planning pride-related events across June to attract visitors to Bangkok and other provinces where pride activities will be hosted.

Central Pattana Plc, operator of Central department stores, recently announced ‘Thailand’s Pride Celebration 2024’ event, to be held at 24 Central shopping malls nationwide.

Held under the concept ”pride for all”, the event aims to celebrate diversity, equality and inclusion throughout the month of June, said chief marketing officer Nattakit Tangpoonsinthana.

He said the main highlight would be the fashion parade, “Rhythm of Pride”, with over 500 celebrities as a part of Bangkok Pride Festival 2024 at Central World shopping mall. Participants will also enjoy concerts, digital art exhibition, and pride market that showcases products designed for LGBTQIAN+ consumers.

Nattakit estimated that Central’s pride activities in June will attract up to 800,000 visitors to Central shopping mall nationwide, increasing from around 520,000 visitors recorded in the same period last year.

Around 160,000 people are expected to participate in the main event at Central World, he added.

Meanwhile, Siam Piwat, the operator of Siam Centre, Siam Discovery, Siam Paragon and Iconsiam malls, announced its “Celebration: Right to Love” campaign throughout June to celebrate Pride month.

Saruntorn Asaves, head of Siam Piwat’s shopping centre business, said the campaign would be a part of Bangkok Pride Festival 2024 to celebrate Thailand becoming the first country in Southeast Asia to approve the equal marriage bill.

“Pride Month activities will help boost the economy and tourism industry in Bangkok, which is the capital of diversity that welcomes visitors of all lifestyles and interests,” he said.

Saruntorn said the celebrations would be held at all shopping malls of Siam Piwat from May 31 to mark Pride month and to welcome participants of Bangkok Pride Parade from around the world on June 1.

From May 31 to June 4, Siam Paragon will host over 20 seminar with speakers from LGBTQ+ and women’s groups at SCBX Next Tech. Meanwhile, Thailand’s and Asia’s first drag concert festival will be held at Parc Paragon from May 31 to June 3.

Iconsiam will host the Pride Out Loud exhibition from June 1-18 to showcase artworks and art toys by LGBTQ+ and LGBTQ-friendly artists amid the backdrop of rainbow-colour waterfall as part of the mall’s iconic multimedia water show.

According to Gay Time magazine and LGBT Capital, there are about 500 million members of LGBTQIAN+ groups worldwide, 288 million in Asia and about 4 million in Thailand. It is estimated that the population in these groups could grow to 1 billion people by 2050.