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June 1, 2022

June is Pride Month, a time when the LGBTQ community celebrates its progress while also recognizing that there is still work to be done. This year, there are more small LGBTQ-owned businesses than ever before, and they are playing a major role in the economy. According to a report from the Washington, D.C. think tank the Institute for Public Policy, there are now an estimated 1.4 million LGBTQ-owned businesses in the United States in 2022. That’s a startling increase from the 600,000 businesses that were identified in a similar study in 2002. What’s behind this growth? There are a number of factors, including the increasing acceptance of LGBTQ people and the rise of social media platforms that make it easier for these businesses to connect with potential customers. 

Many businesses though small, and home-based operated are also growing in numbers and are making a major impact. These smaller businesses are playing a major role in the economy, and they are helping to make Pride Month more vibrant and inclusive than ever before. As LGBTQ visibility and acceptance have continued to grow in recent years, businesses have taken note and begun to cater to the LGBTQ community with more Pride month-themed products and services. This year, it is estimated that businesses will generate over $5.9 billion during Pride month, with a large portion of that coming from LGBTQ consumers. LGBTQ-owned businesses are also seeing success, with many reporting increased sales and profits during Pride month. This growth is a clear indication that the LGBTQ community is a powerful and growing force to be reckoned with, and businesses would be wise to continue to cater to our needs and desires.