The government expects June's Pride Month will generate more than 4.5 billion baht in cash flow for the economy, according to Deputy Prime Minister and Commerce Minister Phumtham Wechayachai.
Mr Phumtham said on Saturday the government led by Prime Minister Srettha Thavisin is promoting sexual diversity and working with the private sector to organise further Pride Month festivals to attract tourists from the LGBTQ+ community this month.
The move will boost the country's trade potential by providing opportunities for business expansion to small and medium-sized enterprises (SMEs) and creating added values using soft power, he said.
Mr Phumtham said he had received a report from Poonpong Naiyanapakorn, director-general of the Trade Policy and Strategy Office, which said Pride Month festivals will make Thailand a "pride-friendly destination" for both Thai and foreign consumers in LGBTQ+ groups.
This will push the country closer to being a tourism hub in the region under the government's "Ignite Tourism Thailand" policy aimed at boosting tourism in 55 provinces that are "worth visiting".
In addition, he said such festivals will benefit downstream businesses, including event organisers, food and beverage businesses, hotels, and transport services, and also allow revenue to be distributed to local areas.
Mr Phumtham said Thailand's first Pride Month celebration was held in 1999. Today, it is held in many provinces, including Bangkok, Chiang Mai, Phuket and Chon Buri, with parades, activities and campaigns.
The Tourism Authority of Thailand (TAT) expects this year's celebration will attract over 860,000 participants and generate a cash flow of at least 4.5 billion baht for the economy.
Moreover, financial consultancy LGBT Capital recently estimated the world's LGBTQ+ population has a purchasing power of US$4.7 trillion while Thailand's sexually diverse population has a purchasing power of US$26 billion.