Vast Business Opportunities in the Pink Economy as Taiwan Leads Asia
June is Global LGBT+ Pride Month. In 2019, Taiwan became the first country in Asia and the 27th country in the world to legalize same-sex marriage. Often symbolized by the rainbow or the color pink, economic benefits arising from the LGBT+ community have exponentially grown in recent years. LGBT+ market studies have shown that the global annual market value is as high as US$3.9 trillion. The LGBT+ population in Asia is estimated to be about 270 million people, which translates to a market value with purchasing power as high as US$1.1 trillion. In light of these opportunities, Japanese, Taiwanese and other global companies are rushing to expand in this market. From tourism, entertainment, media, consumer goods, talent, to even innovative products that cater to transgender people.
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