Target, Walmart and Amazon among brands losing LGBTQ+ consumer spending, new survey says

LGBTQ+ consumers are shifting their brand loyalties based on companies' diversity, equity and inclusion policies, according to new research from the Human Rights Campaign Foundation. The findings released Wednesday found that nearly 72% of LGBTQ+ consumers say they buy fewer products from companies they perceive as "reducing diversity and inclusion commitments." Nearly 70% also said they have refused purchases from those businesses at least some of the time. The five companies those respondents most frequently linked to reduced spending were Target, Walmart, Amazon, Chick-Fil-A and Home Depot. On the other hand, HRC's survey found nearly 70% of LGBTQ+ consumers are also rewarding companies they view as supportive of diversity and inclusion. Costco, Apple, Ben & Jerry's, Delta Air Lines and Kroger were the five companies most frequently cited as recipients of higher spending. "Consumers aren't asking the brand to be perfect they're asking them to be transparent and clear on where they stand," said Human Rights Campaign spokesman Jonathan Lovitz. "There is a gap to close between perception and what you're doing inside," he added. HRC's survey comes as a growing number of companies have scaled back diversity initiatives, modified public-facing DEI programs or ended participation in the organization's annual Corporate Equality Index. Earlier this year, HRC reported a sharp decline in participation in the index, a benchmark that has long measured workplace policies and benefits for LGBTQ+ employees. Participation among Fortune 500 companies fell 65% from 377 companies in 2025 to 131 in 2026. The National LGBT Chamber of Commerce estimates LGBTQ+ consumers represent more than $1.7 trillion to the U.S. economy. In response to the survey, Amazon told CNBC it is fostering opportunities for employees and serving a diverse customer base. "We've continued to support our employees with opportunities that allow them to grow, thrive, and connect internally and in their communities," said a company spokesperson. The other companies mentioned in the survey did not immediately comment. U.S. shoppers have increasingly mobilized for or against companies based on their DEI policies. Target, for instance, has faced consumer backlash from both sides of the political spectrum over its approach and was the most cited company among survey respondents who said they reduced their spending. Self-identified Republicans reduced spending at Target during the summer of 2023 following controversy surrounding the retailer's Pride Month merchandise display, according to spending data from Consumer Edge. In early 2025, spending among self-identified Democrats also declined after the company rolled back several DEI initiatives. In the company's most recent quarter, however, the retailer reported its first positive same-store sales number in five quarters. Target also continues to maintain some publicly visible LGBTQ+ partnerships, including serving as a platinum sponsor of NYC Pride's 2026 celebration. Costco was the most frequently cited company among consumers who said they increased their spending, according to the HRC survey. The retailer has remained one of the more vocal corporate defenders of diversity initiatives, and earlier this year shareholders overwhelmingly voted against a proposal that would have required the company to evaluate risks associated with its diversity, equity and inclusion programs. "Companies who have the longest run of trust with customers in the [LGBTQ+] community is they didn't change anything about what they were doing but remained consistent," said Lovitz. Consumer Edge data showed Costco posted the strongest year-over-year spending growth among self-identified Democratic consumers in the months following that vote.