Thailand’s pioneering same-sex marriage law is spurring rapid growth in the country’s “pink economy,” now valued at more than $10 billion annually. The legislation is helping generate new earnings from tourism, financial services, and other sectors eager to serve a market that is increasingly visible and empowered.

“As an LGBT consumer, I would like to tell businesses that there are many products we need, and this presents a real opportunity for them to grow,” said Ekkapop Punthurat, who works for an international public relations company.

According to the Thailand Business News website, Thailand’s culture of tolerance is already delivering economic benefits. The outlet reports that LGBT travelers spend approximately $1.5 billion annually in Thailand. In the financial services sector, the LGBT community has spent about $73.9 million on tailored banking, insurance, and investment products.

“Thanks to its friendly environment, high acceptance, and widely positive attitudes toward people of all identities, Thailand stands out as a leading global destination for polysexual individuals—not only tourists, but also entrepreneurs and investors—bringing significant opportunities for the Kingdom to thrive,” wrote The Nation newspaper.

“As social and legal barriers fall, businesses ranging from tour operators and drag shows to boys’ love drama producers are seeking to further capitalize on the ‘rainbow economy,’ with strong encouragement from the Thai Government,” reported Nikkei Asia.

Also known as the “pink dollar,” the global spending power of an estimated 388 million LGBTQ people worldwide is believed to exceed $4.7 trillion annually, according to U.K.-based asset management company LGBT Capital, as cited by Nikkei Asia.

In healthcare, Borderless.lgbt—the world’s first dedicated health and wellness cloud for LGBTQ communities—has recently launched its “Pink Plus Economy,” an initiative focused on building an ecosystem to support LGBT people in Thailand in areas such as daily living, family planning, and retirement.