The pride industry is facing its worst downturn in years, as a new survey shows that the number of people who have lost their pride has doubled in the past five years, and is expected to rise another 40% in the coming years.
“The growth in the pride industry has slowed and we are witnessing a shift towards a more casual and non-traditional workforce that is more interested in technology and sharing the goods, rather than spending money and being involved in an organization,” said Scott Breslau, president and CEO of the National Association of Broadcasters (NASB).NASB surveyed its members in the United States, the United Kingdom, Germany, France, Russia, Canada, Brazil, Austria, Spain and Italy.
The survey found that over the past four years, the pride sector has experienced a 10% to 15% decrease in its membership base.NASB also said that in 2018, the industry saw a 4% increase in its attendance.
Breslaw said that the pride movement has become less about money and more about social responsibility and being in the community.
“It has changed into a much more casual, non-profit enterprise,” he said.
Bret Stephens, the CEO of Pride Brands, the company behind pride apparel, said the growth of the pride business is also a positive sign.
“We have seen the number in the U.S. and the number here in the rest of the world, but the growth in pride in the UK, Germany and across the globe is what is truly great,” he told Axios.
“So it is very exciting that pride has become a business that is really thriving,” he added.
Stephens said the new data points to a more flexible, non profit business model and that pride brands can continue to focus on their core values.
“In this country and around the world pride brands need to continue to be the champions of people of faith, diversity and social responsibility,” he explained.
The number of pride businesses in the US has also increased from 12,000 to 19,000 in the last four years.