Target, Walmart, and Amazon lose out on LGBTQ+ consumer spending

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.

Results released Wednesday found that nearly 72% of LGBTQ+ consumers say they buy fewer products from companies they see “Limiting Diversity and Inclusion Commitments.” Nearly 70% also said they had refused to buy from those companies at least some of the time.

The five companies that participants most often associated with spending cuts were: goal, Walmart, AmazonChick-fil-A and Home Depot.

On the other hand, the HRC survey found that nearly 70% of LGBTQ+ consumers also reward companies they see as supportive of diversity and inclusion. Costco, appleBen and Jerry, Delta Airlines and Kroger The five most frequently cited companies were recipients of the highest spending.

“Consumers are not asking a brand to be perfect, they are asking them to be transparent and clear about where they stand,” said Jonathan Lovitz, a spokesman for the Human Rights Campaign.

“There is a gap that needs to be bridged between perception and what you are doing inside,” he added.

The HRC survey comes as a growing number of companies have scaled back diversity initiatives, modified their 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 by 65% ​​from 377 companies in 2025 to 131 in 2026.

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

In response to the survey, Amazon told CNBC that it is working to enhance opportunities for employees and serve a diverse customer base.

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

The other companies mentioned in the survey did not immediately comment.

American shoppers have increasingly mobilized for or against companies based on their DEI policies. Target, for example, has faced backlash from consumers on both sides of the political spectrum for its approach, and was the company most cited among survey respondents who said they had reduced their spending.

Self-identified Republicans cut spending at Target during the summer of 2023 following controversy over the retailer’s Pride Month merchandise display, according to spending data from Consumer Edge. In early 2025, spending also declined among self-identified Democrats after the company backed away from several DEI initiatives.

However, in the company’s most recent quarter, 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 the 2026 NYC Pride celebration.

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

“Companies that have the longest period of trust with customers in [LGBTQ+] “The community is that they didn’t change anything about what they were doing but they stayed consistent,” Lovitz said.

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