Survey: 72% of LGBTQ consumers cut spending at firms scaling back DEI

A new survey by the Human Rights Campaign (HRC) found that nearly 72% of LGBTQ consumers are buying fewer products from companies they perceive as reducing their diversity, equity, and inclusion (DEI) commitments.

Survey Details

The survey, conducted among a representative sample of LGBTQ consumers in the United States, indicates that this consumer segment is increasingly aware of corporate DEI policies and makes purchasing decisions accordingly.

Context

In recent years, there has been widespread debate in the US over corporate DEI policies. Some companies like Target, Walmart, and Amazon have faced criticism from conservative groups for supporting DEI initiatives, while also facing backlash from rights groups when they scaled back some of these policies.

What This Means for Investors

This trend could impact revenues for companies that rely on a diverse consumer base. Firms that maintain strong DEI commitments may retain loyalty from this segment, while those that retreat could lose market share.