Gay people earn more, owe less - I didn’t make this bold statement; CNN Money did. Today, companies have less qualms about expressing their support for the LGBT community, as part of their social responsibility. Brazil has a booming multibillion dollar gay market; Andrew Christian founded a successful men’s underwear and swimwear brand targeting the pink market. Otherwise known as pink marketing, the pink dollar is a symbol of our transcending time. Once considered to be an effort that’s high-risk-low-reward, the LGBT audience is finally acknowledged as a worthy market segment. Pink is the way to go now. Gosh, the number of Pink used in this paragraph is preposterous, but you get it.
In Singapore, the giants wear pink in June. Multinational companies like Google, Goldman Sachs and JPMorgan pledge their support to the country’s only (sadly) prominent LGBT movement, PinkDot; we have startups like The Jock Shop (shameless plug), lifestyle magazine Element, and photography studios producing great services that cater to the gay market locally. It’s clear that the gaygenda has served its purpose. Heck, we also have an LGBT financial planning service.
Before conservative Singaporeans start getting up from their seats and bash this article for flagrantly adding to the gay propaganda, or gayganda, here are some logical reasons to explain why the organised minority has grown to become more financially attractive to companies.
Working LGBT individuals are proven to have higher disposable income, even more in Singapore. In fact, there have been articles portraying Singapore to be the new mecca for Asia’s pink dollar. Forbes suggests in an article that the global gay consumers are “two times more likely to own a vacation home, 5.9 times as likely to own a home theater system and eight times more likely to own a laptop computer than heterosexual consumers”.
In our little red dot where it’s impossible for LGBT individuals to get married and have kids, those who embody the country’s tenacious spirit of working hard will eventually achieve adequate standings in their career where they can afford to splurge on themselves. This allows them to manage exquisite lifestyles, indulge in expensive fashion, choose comfortable underwears from The Jock Shop’s reputable collection (I really like the briefs from Teamm8 and Croota), go for pristine spas and massages, and become the affluent person that western media likes to represent. Clearly, that’s satire. Nonetheless, LGBT individuals in relationships do not conform to traditional family units and may have tendencies to afford the better things in life.
In all seriousness, a study in America shows the market spendings of four segments.
- Hispanic population: $1 trillion
- African American: $1,038 billion
- LGBT American: $790 billion (That’s a lot of money for me to sit on my couch in my Happy Socks Boxer Shorts to spend)
- Asian American: $718 billion
Statistically, the huge population with a ginormous combined spending power is definitely hard to ignore. Besides, the unpredictable future about gay rights may also prompt many members of the LGBT community to be very prudent with their money. On top of the lucrative benefits the LGBT community offers, companies who invest heavily in them are also sending a powerful message of acceptance and equality. This makes a brand even more endearing and welcoming.
On top of being in a market that spends well, LGBT individuals are also trendsetters. Let’s put money aside for now; before catchphrases like “YAAAS” and “GURLLL” infiltrated the mainstream community, it is of utmost importance to acknowledge the origins (yaaas, hail the LGBT community).
Now back to money, a 2016 Nielsen report on consumers suggests that “when it comes to looking for trendsetters in these areas, it would be wise to take note of American lesbian, gay, bisexual and transgender (LGBT) households”. An advertising expert adds on to describe the LGBT community to be adventurous, making them early adopters of trends.
In the market of men’s underwear, the way I see it, the LGBT community is enthusiastic about trying on new jockstraps, boxers, and briefs. I, for one, am down to own good pairs from 2eros, Aussiebum, NewUrbanMale, Andrew Christian, Teamm8, Croota, and C-in2 - one for each day of the week.
Follow the writer on instagram: @kierancyr
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