The news: Corporate support for Pride Month events has been solid this year despite some highly visible strong opposition to pro-LGBTQ+ marketing strategies.
LGBTQ+ community targeted: During a year that has seen diversity, equity, and inclusion initiatives come under general assault, anti-LGBTQ+ sentiment also picked up. The Human Rights Campaign advocacy group declared a state of emergency for US LGBTQ+ people this month, citing more than 75 anti-LGBTQ+ bills that were signed into law in 2023.
Hard hits: Many companies that showed support for the LGBTQ+ community were attacked, but perhaps none fared as badly this year as Bud Light, which learned the hard way that backtracking on important social issues doesn’t inspire consumer confidence.
Our take: As the LGBTQ+ community grows—especially among the critical Gen Z cohort—so does its purchasing power. Based on 2021 Census data, the LGBTQ+ community has $1.4 trillion in spending power, per a 2022 report from The Pride Co-op, a market research firm. Despite rising anti-LGBTQ+ sentiment, brands can ill afford to ignore this vital constituency.
Go further: Check out our Data Drop: 4 Charts on the LGBTQ+ Consumer.
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