Analyse the consumption of the pink pound, using both an historical approach (1900 to present day) and applying the ideas of Marx, Weber and Bourdieu to illuminate your arguments
The pink pound is a term used to describe the purchasing power of the LGBT community in Britain. “The spending power of the Lesbian, Gay, Bi-sexual and Trans-sexual (LGBT) community is worth an estimated £70 billion per annum” (Market Research World, 2008)
Since the start of the new century the gay economy has boomed and since, companies have began to notice this niche market and have begun to market their products within gay magazines, TV services, bars and nightclubs etc. Major cities within the UK have locations sector to promote the gay community in society.
The industrial revolution laid the foundations for this new type of consumer. New consumers began with statements of class, which economic class you belonged to within society. For example, when the fridges first became available on sale within the market in 1960’s fridges were considered a luxury item and therefore were sold and aimed at the higher/middle class market. Adverts were shown on televisions, with which the middle class owned. Also fridges were priced out of the range for which lower class income citizen could afford. Consumers have rapidly changed over the past 20 years; we have seen new consumers develop, from the ‘hippy’ consumer of the 70’s to the more modern hip-hop consumer of 2000.
The gay market has developed in which Karl Marx would argue more means of production in which the bourgeoisie can exploit the Proletariat workers. More bars have been created around the gay community areas, for example in Manchester, Canal Street hosts a range of different bars and restaurants all targeted towards the gay community. Marx would argue that the bourgeoisie have notice the need for setting up a gay community in order to target their social characters and exploit more labour in order to bring in more capital...