How do most American consumers feel about companies participating in LGBTQ Pride month? We asked! Today GLAAD released results of a survey conducted by Ipsos using the probability-based KnowledgePanel that examined consumer sentiment regarding corporate engagement with LGBTQ communities and Pride Month. The survey also sought consumer opinion on core corporate values and on chief executives’ obligations to shareholders on issues that matter.
Key findings include:
- 70% of Americans say knowing a brand/store offers LGBTQ Pride collections/merchandise either has a positive impact or no impact on their purchasing decisions
- 71% of Americans agree that brands and companies should be able to show support to the LGBTQ community during Pride Month if they want to
- 64% of Black Americans, 55% of Hispanic Americans, and 60% of those ages 18-34 say they are comfortable with brands publicly supporting LGBTQ organizations and non-profits
- 85% of Americans believe CEOs have a responsibility to speak up about things that matter to their consumers and shareholders
- 81% believe freedom means we all should be able to believe and behave as we choose, as long as it isn’t hurting anyone else
- 74% believe companies should care about their bottom lines more than politics
- Americans are more likely to agree than disagree that offering LGBTQ Pride merchandise is no different from offering merchandise with a sports team logo
“Support for LGBTQ people and employees remains a business imperative that bonds companies to consumers and unites our country,” explained Sarah Kate Ellis, President & CEO of GLAAD. “Companies and leaders must listen to consumers who are demanding that brands prioritize values of freedom, inclusion and growth over rank politics. With LGBTQ, Black, and Hispanic consumers growing exponentially, companies that bow to opponents of inclusion will miss out on key growth segments.”
According to Gallup, the percent of LGBTQ Americans is up over 160% since 2012. According to Pew Research, the number of Black Americans is up 33% since 2000 and the number of Hispanic Americans is up 85 percent.
In 2022, purchasing power of LGBTQ consumers was estimated to be 1.4 trillion. Purchasing power of Black consumers is estimated to reach $1.7 trillion by 2030.
The findings of today’s survey are consistent with recent data demonstrating widespread support for LGBTQ Americans:
- 91% of non-LGBTQ Americans agree that LGBTQ people should have the freedom to live their life and not be discriminated against (GLAAD)
- 61% of non-LGBTQ adults are very or somewhat supportive of the LGBTQ community (MRI-Simmons), totaling over 160M allies in the U.S. alone.
- 55% of non-LGBTQ adults say companies/brands should support the LGBTQ community all year, not just during Pride Month (MRI-Simmons)
With yesterday’s news that Target’s earnings are down since the company loudly and formally announced they were walking away from DEI work, a continued theme after the company walked away from LGBTQ support, Ellis spoke out about Target’s missteps:
“Target’s CEO admitted that the company’s earnings are down partially because of their announcement that Target was halting DEI initiatives (or as he said, ‘updates we shared on belonging in January’). Target has turned their backs on consumers of color, LGBTQ consumers, and our allies.”
Ellis continued: “With the LGBTQ community wielding $1.4 trillion in spending power, and the fastest growing consumer segments being Black, Latine, and younger consumers, it’s no surprise that Target’s bottom line is down. Other companies must take note: Prices and value are one thing, but to grow your business, you need to look at your values.”
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GLAAD’s corporate advocacy continues, with Investopedia covering GLAAD’s work to activate LGBTQ people and allies to participate in shareholder activism. For those who own even just one share of stock, activating around shareholder advocacy is easy: GLAAD has produced a guide for how to get started this spring!
