Target, Walmart and Amazon losing LGBTQ+ consumer spending

LGBTQ+ consumers shift their brand loyalties based on companies’ diversity, equity and inclusion policies, according to new research from the Human Rights Campaign Foundation.

Findings Published Wednesday It found that nearly 72% of LGBTQ+ consumers say they buy fewer products from companies they perceive as LGBTQ+. “reducing diversity and inclusion commitments.” Nearly 70% said they refuse to buy from these businesses at least some of the time.

The five companies most frequently associated with reduced spending among survey respondents were: Aim, Walmart, AmazonChick-Fil-A and Home Depot.

On the other hand, HRC’s research found that nearly 70% of LGBTQ+ consumers also reward companies they think support diversity and inclusion. costco, AppleBen & Jerry’s, Delta Airlines And Kroger These were the five companies with the highest spending.

“Consumers don’t want the brand to be perfect, they want it to be transparent and clear about where they stand,” said Jonathan Lovitz, a spokesman for the Human Rights Campaign.

“There’s a gap that needs to be closed between perception and what you’re doing inside,” he added.

HRC’s survey comes at a time when a growing number of companies are scaling back their diversity initiatives, changing their public DEI programs or ending participation in the organization’s annual Corporate Equality Index. Earlier this year, HRC reported a sharp decline in participation in the index, an indicator that has long measured workplace policies and benefits for LGBTQ+ employees. Participation by Fortune 500 companies dropped 65 percent from 377 companies in 2025 to 131 in 2026.

The National LGBT Chamber of Commerce estimates that LGBTQ+ consumers add more than $1.7 trillion in value to the U.S. economy.

In response to the survey, Amazon told CNBC that it promotes opportunities for employees and serves a diverse customer base.

“We have continued to support our employees with opportunities that allow them to grow, develop and connect internally and with communities,” a company spokesperson said.

Other companies mentioned in the survey did not immediately comment.

U.S. consumers are increasingly taking action for or against companies based on their DEI policies. Target, for example, faced backlash from consumers on both sides of the political spectrum for its approach and was the most frequently cited company among survey respondents saying they were cutting spending.

Self-identified Republicans reduced spending at Target in summer 2023 following controversy over the retailer’s Pride Month product display, according to spending data from Consumer Edge. In early 2025, spending by self-identified Democrats also decreased after the company rolled back several DEI initiatives.

But in the company’s latest quarter, the retailer reported its first positive same-store sales figure in five quarters.

Target also continues to maintain some public LGBTQ+ partnerships. platinum sponsor From NYC Pride’s 2026 celebration.

According to HRC research, Costco was the company most frequently mentioned among consumers who said they increased their spending. The retailer has remained one of the most vocal corporate advocates of diversity initiatives, and earlier this year shareholders voted overwhelmingly against a proposal that would have required the company to assess risks associated with its diversity, equity and inclusion programs.

“Companies that have the longest-standing trust with their customers [LGBTQ+] “The common thread of the community was that they didn’t change anything about what they were doing but remained consistent,” Lovitz said.

Consumer Edge data showed Costco posted the strongest year-over-year spending growth among self-identified Democratic consumers in the months following the vote.