Thailand Set to Reap $2 Billion 'Rainbow Tourism' Boon With Same ...

14 hours ago

BNN

(Bloomberg) -- Thailand’s landmark move to legalize same-sex marriage is set to boost “rainbow tourism” by attracting four million more visitors annually, and generate about $2 billion in revenue, according to travel platform Agoda.

The same-sex law that’s slated to take effect in January will also create 152,000 full-time equivalent jobs and will help lift the nation’s gross domestic product by 0.3%, according to an Agoda-commissioned study published on Thursday.

Thailand became the first nation in Southeast Asia earlier this year to legalize same-sex marriage, and the third in Asia after Taiwan and Nepal. Under the new law, Thailand will recognize marriage registrations of same-sex partners aged 18 and above, along with their rights to inheritance, tax allowances and child adoption, among others. It’s seen as a win for LGBTQ activists, who have fought for over a decade for the same rights to marry as heterosexual couples.

Thailand is in a prime position to capture a larger slice of the global LGBTQ tourism market, which accounts for 10% of tourists globally and is valued at over $200 billion annually, said Agoda, part of US-headquartered Booking Holdings Inc. Many Thai cities could also become prominent destinations for weddings, boosting the nation’s wedding industry and related sectors such as hospitality and catering.

READ: Thailand May See Record Tourist Arrivals in 2025, Agoda CEO Says

Thailand is among some 40 countries around the world to guarantee equal marital rights. The nation stands out in Southeast Asia where there has been little progress in recognizing the rights of the LGBTQ community which often faces discrimination.

“While already a popular destination for LGBTQIA+ travelers, this move is expected to further solidify Thailand’s reputation as an inclusive holiday option,” Timothy Hughes, vice president of Corporate Development at Agoda, said in the statement.

Tourism is a key growth driver for the Thai economy, the second-largest in Southeast Asia. About 30 million tourists have visited the country so far this year, on course to meet the government’s full-year target of 36.7 million. In 2019, Thailand saw record foreign arrivals — almost 40 million — which generated $60 billion in revenue.