Sell the Rainbow, Taste the Rainbow — Uncovering Pink Capitalism

Human rights have no doubt become a topic of concern for businesses everywhere. In recent years, many large corporations have done everything in their power to make political stances on certain topics of debates- others did everything in their power to capitalize the very existence of these issues.

The LGBTQ+ community has been fighting for their rights for many years, and it seems as though the world is finally coming to accept these differences and embrace them. It would only make sense for people to show their support for their loved ones who identify as queer- these are basic human rights and common decency. But what happens when businesses take it a step further? What happens when businesses choose to show their support for different minority groups does not come without its controversy.

Businesses have increasingly tried to incorporate different symbols and slogans into their marketing and promoting of various products and services in order to show their support. Companies have done everything from using rainbows in their advertisements, tweeting sayings like “love is love”, and found other ways of promoting Pride. While these all seem to be of good intentions, the reality is that companies try far less to show their support for the LGBTQ+ community than they do to gain their support.

Many of these slogans, supportive symbols, and promotional tools are a part of a much larger capitalist public relations strategy known as “Pink Capitalism”. This term refers to all the many ways that businesses that incorporate LGBTQ+ movements and rights in order to capitalize them and make their products appeal to the community as “gay-friendly” or promote a level of tolerance to gain a larger gay consumer base.

Some members of the community have taken it as a sign that the times are changing and that society is showing progress in terms of the acceptance of gay rights. For some, being acknowledged as their own category in marketing- as their own target market is welcoming and supportive.

For many others, this is far from supportive. Several “pro-gay” businesses find themselves in a tricky spot where they actively call themselves supporters and allies, but fail to invest the time and money into understanding and fighting the oppression faced by these individuals. Is it really a stance for human rights if all a company does is purchase a rainbow filter or stamp “love is love” on a t-shirt?

For the LGBTQ+ community, the difference is simple between pro-gay and anti-gay companies. Pro-gay companies will actually make an effort to be vocal and active in expressing their viewpoints regarding the oppression and discrimination that the gay community faces. Anti-gay companies are not limited to those that openly discriminate against and/or hate the gay-community.

In economics, topics such as the purchasing power of the LGBTQ+ community are measured and studied. For many economies in the western world, Pink Money is seen as an asset. In 2018, the gay community was seen to have an estimated £6 billion in the UK. Over the years, thanks to the acceptance and promotion of Pink Capitalism, Pink Money has developed from being a hidden and marginalized market to a thriving, successful market that many industries vie to enter and exploit.

Despite being such a heated topic, there is no doubt that Pink Money has strong economic power in western economies. For many individuals in the LGBTQ+ community, Pink Money creates a sense of “financial self-identification”. Many enjoy the freedom and choice that is now emerging in the business world from businesses such as shops, taxi services, restaurants, and nightclubs that cater specifically towards the communities.

It is an interesting change and development for a minority group to feel such a sense of financial value or empowerment in the economy. How welcomed this change is, is entirely subjective. With the increasing awareness of Pink Capitalism, it leaves one wondering how many fundamental freedoms and human rights are capitalized.

Written by Naoshin Fariha, Writer for the Junior Economist

Originally published on November 6th, 2019