Corporate America’s support of “Pride Month” continues undeterred despite backlash and financial losses. These reactions reportedly led to a $10 billion loss in market value for the affected companies, in addition to other detrimental effects such as Bud Light needing to buy back expired beer due to a drop in sales.
Despite these challenges, most of these corporations–which includes Bud Light, Target, Macy’s, and many others–are choosing to stand by their support of the LGBTQ community. Target, for example, remains a platinum sponsor of NYC Pride, contributing a minimum of $175,000. Similarly, Anheuser-Busch, the parent company of Bud Light, continues to sponsor Pride events in multiple cities. The LA Dodgers’ “Pride” event, which featured a drag queen group that satirizes Catholicism, has also faced criticism. Meanwhile, Macy’s CEO, Jeff Gennette, reiterated the company’s support for Pride Month, albeit opting for a less overt approach.
Further highlighting the strength of corporate support for Pride Month, far-left LGBTQ advocacy group InterPride claims “of the 375 pro-pride organizations it represents around the world, 40 percent have seen their sponsorship dollars increase by 20 percent from this time last year.”
LGBT Capital, a U.K.-based firm, indicated that there are an estimated 17 million individuals identifying as gay, lesbian, transgender, or other queer sexual orientations in the United Kingdom, who collectively possess a $1 trillion spending power.
Allen Adamson, managing partner of marketing firm Metaforce, has also claimed without any evidence that “For every one customer knocking the display over, there are 10 who love it, and they are going to vote with their feet.”
