Long an important target for marketers in the West, LGBT consumers often have higher disposable incomes and lead consumer trends. With public acceptance of LGBT people continuing to grow worldwide, it’s time for brands to think global when developing their marketing strategies to this community. Case in point: as the second-largest economy—and home to the largest LGBT population—in the world, China deserves serious attention.
According to Hong Kong-based venture capital firm LGBT Capital, the annual purchasing power of China’s 70 million-strong LGBT population amounts to $300 billion, compared to $870 billion for Europe and $750 billion for the United States. Despite its size and huge potential for growth, virtually no Western brand has formally engaged this community, mainly due to its invisibility in public and in the Chinese media. But that’s quickly changing. Read More