Pride Month to boost Thai economy by 4.5 billion baht

June’s Pride Month is anticipated to stimulate over 4.5 billion baht in economic activity, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai.

Phumtham announced yesterday that the government, led by Prime Minister Srettha Thavisin, is actively endorsing sexual diversity and collaborating with the private sector to organise additional Pride Month festivities. These events aim to attract LGBTQ+ tourists throughout the month.

The initiative is designed to enhance the country’s trade potential by offering business growth opportunities, particularly for small and medium-sized enterprises (SMEs), and by utilising soft power to create added value.

Phumtham received a report from Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, which indicates that the Pride Month festivals will position Thailand as a pride-friendly destination for both domestic and international LGBTQ+ consumers.

This strategy aligns with the government’s Ignite Tourism Thailand policy, which seeks to elevate Thailand as a regional tourism hub, particularly in 55 provinces deemed worth visiting.

Moreover, Phumtham noted that such festivals will benefit downstream businesses, including event organisers, food and beverage services, hotels, and transportation providers, thereby channelling revenue into local areas.

Thailand’s inaugural Pride Month celebration took place in 1999, and it has since expanded to numerous provinces, including Bangkok, Chiang Mai, Phuket, and Chon Buri, featuring parades, activities, and campaigns.

The Tourism Authority of Thailand (TAT) projects that this year’s celebrations will attract over 860,000 participants and generate a cash flow of at least 4.5 billion baht (US$123 million) for the economy, reported Bangkok Post.

Additionally, financial consultancy LGBT Capital recently estimated that the global LGBTQ+ community wields a purchasing power of US$4.7 trillion, while Thailand’s sexually diverse population commands a purchasing power of US$26 billion.

In related news, the Thai government is preparing to champion gender equality, anticipating that Pride Month activities will provide a significant economic boost.

Deputy government spokesperson Kenika Ounjit highlighted that Prime Minister Srettha Thavisin’s administration had announced this initiative as he assumed office.