Rosalind Evans
Numerous leading corporations, including Target and Bud Light’s parent company, support Pride events in June, despite the challenging terrain this month long celebration has become for some.
Target and Bud Light have recently been under scrutiny for their efforts to engage the LGBTQ+ community, and this scrutiny only intensified when they attempted to retract their steps.
Yet, despite the adverse publicity, Target and Bud Light remain committed to this year’s Pride festivities. Target maintains its platinum sponsorship of NYC Pride, necessitating a $175,000 contribution. Anheuser-Busch, Bud Light’s parent company, sponsors Pride celebrations in Chicago, San Francisco, Charlotte, and other locations.
Several other significant corporations are retaining their sponsorships, including PepsiCo, Starbucks, General Motors, and Jeep’s parent company, Stellantis — all of which have supported Pride events for years and are showing no signs of backing down this year.
Jeff Gennette, CEO of Macy’s, a significant Pride sponsor, stated to The Associated Press that despite adverse reactions to its Pride merchandise, the company carefully selects and positions its products and has no plans to remove any items.
InterPride, a global representative of over 375 Pride organizations, noted that 40% of these organizations had reported a 20% or more increase in sponsorship dollars this year.
LGBT Capital, a U.K.-based investment firm, estimates the US has over 17 million LGBTQ+ individuals with more than $1 trillion in spending power, indicating a potentially enormous buying power that companies cannot overlook.
However, corporate support does not negate the looming challenges.
According to RILA Global Consulting, most of this year’s negative social media posts about Pride criticize companies for promoting ‘woke’ culture and accuse them of sexualizing or grooming children. This criticism marked a stark shift from last year when most negative posts centred around brands being ‘inauthentic’ in supporting the LGBTQ+ community.
The growing debate over transgender rights, and the increasing number of states passing laws restricting or banning gender-affirming care for minors, have left many corporations feeling uneasy.
Target and Bud Light have faced significant backlash for their LGBTQ+-focused marketing. This backlash has had tangible outcomes, with Bud Light’s U.S. sales down 23% and Target’s shares dropping 20% since mid-May, partly due to investor concerns about inflation.
Despite these challenges, some Pride organizations have held firm in their partnerships with Bud Light, while others have sought sponsorship elsewhere, like Miami Beach Pride, who signed a multi-year contract with Molson Coors.
Companies face a delicate balance between maintaining their sponsorships and dealing with potential backlash, but they are keenly aware that the LGBTQ+ community is observing their actions this year.
Despite the changing landscape, the consistent message is one of resilience and commitment to human rights. Corporations understand that their actions will now be remembered, and their continuing support is crucial for the survival and prosperity of Pride celebrations.
