Chinese Businesses Eye Purchasing Power of LGBT Community
(Beijing) – Chinese businesses are starting to show interest in the purchasing power of the LGBT consumer market – often referred to as the "pink dollar"– a trend led by e-commerce giant Alibaba Group Holding Ltd.
The U.S. business magazine Forbes says the purchasing power of the lesbian, gay, bisexual and transgender (LGBT) community worldwide amounts to US$ 3 trillion annually. LGBT Capital, a venture capital firm in Hong Kong, says the figure for the mainland is US$ 300 billion. What's more, research shows LGBT consumers have above-average brand loyalty to companies they see as friendly.
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