Big US firms spent much of the past year pulling back on their diversity programs.
A new survey shows shoppers noticed the change. Many are now quietly moving their money somewhere else.
The Numbers
The Human Rights Campaign asked about 15,000 US adults how their shopping changed. It ran the survey last fall.
About 72% of LGBTQ shoppers said they now buy less from firms they see as cutting DEI. That is short for diversity, equity and inclusion, the workplace programs many firms have trimmed.
It is not just talk, either. About 70% said they have skipped a purchase over it at least sometimes.
The firms named most for losing those dollars were Target, Walmart, Amazon, Chick-fil-A and Home Depot. The ones named most for gaining were Costco, Apple, Ben & Jerry's, Delta and Kroger.
We track how shifts like this hit real companies every morning in Market Briefs - plus a free investing masterclass when you join.
Target And Costco Went Opposite Ways
Target sits right at the center of this story. It first drew anger from the right over a 2023 Pride display.
Then it lost shoppers on the left after it cut DEI programs in early 2025. The pain soon showed up in sales.
Last quarter, though, Target posted its first sales growth in five quarters at stores open a year or more. That small win hints things are finally steadying.
Costco went the other way and stuck to its plan. It kept its diversity rules, its owners voted down a review of them, and shoppers named it most for getting more of their cash.
Why Investors Should Care
This is a huge pool of money, not a side issue. One trade group says LGBTQ shoppers add more than $1.7 trillion to the US economy each year.
The shift is spreading well beyond the checkout line. One big workplace scorecard saw sign-ups drop from 377 firms to 131 in just a single year.
Target, Costco and Amazon are all giants in the S&P 500. So where shoppers spend shows up for the people who own those stocks.
Target and Costco are also popular dividend stocks. That is part of why investors watch both of them so closely.
What To Watch
The real test is whether this shows up in company earnings, not just in surveys. Early spending data already hints Costco is gaining while Target works to win shoppers back.
Amazon, for its part, said it still supports its workers and serves a wide range of customers. The other named firms did not comment right away.
Trust takes years to build and only weeks to lose. Shoppers seem to reward the firms that simply stay steady and keep their word.
The pattern so far is simple, as the firms that kept their word kept their customers.
Want to see which retailers are actually winning the spending war? Join 350,000+ readers of Market Briefs and get a 45-minute investing course as a bonus.
