The Lesbian, Gay, Bisexual, Transgender, and Intersex (LGBTI) community in South Africa contributes billions annually to the local economy.
This is according to the latest research conducted by the Other Foundation, which said the LGBTI contributed at least R250 billion in the past financial year.
However, the accuracy of the study has been questioned by IOL Opinion writer Azanian Ronin, who questioned how the LGBTI community was possibly worth more than the coal industry at R190 billion, the export values of the African Growth and Opportunities Act at R220 billion and the spending on SA’s social welfare grants, which benefit 19 million people, at R232 billion annually.
The study is based on a quantitative survey managed and distributed online by Ipsos South Africa with the support of the Other Foundation in 2023.
The research aimed at highlighting the substantial role the LGBTI community plays as consumers, employees, and entrepreneurs.
The study found that 90% of LGBTI respondents are actively engaged in income-earning activities, with 75% employed either part-time or full-time, showing strong workforce participation despite challenges
In 2017, the foundation’s Pink Rand report estimated the economic contribution of LGBTI people in South Africa to be somewhere in the range of R53 billion to R204 billion.
In October, the country commemorated Pride Month, which seeks to celebrate, remember and reflect on how far the LGBTQIA+ community of South Africa has come. The first Pride March in SA and Africa, was held in October 1990 in Johannesburg.
South Africa is regarded as the most LGBTI friendly country on the continent.
Strong entrepreneurial spirit
In the new report, the researchers said that 15% of LGBTI respondents were active entrepreneurs, with over half leading businesses that have been operational for more than five years.
“Many LGBTI entrepreneurs are thriving, particularly in industries like media, healthcare and wellness, and professional services,” the foundation said.
The research also added that a significant portion of LGBTI professionals hold leadership roles.
It found that 44% of LGBTI people occupy managerial positions and 36% oversee teams of five or more. This illustrated that they have influence and leadership in the workplace.
Resilience
The study said that despite facing systemic barriers, many LGBTI individuals are financially resilient, with 29% of respondents reporting savings of more than R100,000, indicating a strong capacity for financial management and investment.
LGBTI individuals are also socially conscious consumers, the research found and noted that 61% are more likely to purchase from businesses that demonstrate a commitment to LGBTI inclusion.
This makes them a valuable market segment for inclusive brands, the researchers said.
Lastly, the study noted that 58% of the LGBTI respondents believed that further education and skills development.
The community prioritise their careers and look at for opportunities that will enhance their personal growth and economic advancement.
IOL BUSINESS