Pride becomes a minefield for big companies, but many continue their support

Despite the controversies associated with Pride month, a number of large corporations including Target and Anheuser-Busch, Bud Light’s parent company, continue to sponsor Pride events in June. Both companies have recently faced criticism over their efforts to appeal to the LGBTQ+ community and the backlash that ensued when they attempted to retract their initiatives. However, even amidst negative publicity, these companies remain committed to supporting Pride events this year.

As a platinum sponsor, Target has donated $175,000 to NYC Pride, while Anheuser-Busch continues to sponsor Pride festivities in cities such as Chicago, San Francisco, and Charlotte. Both have been ardent supporters of Pride events for several decades, and they show no signs of backing down this year.

Macy’s CEO, Jeff Gennette, also a significant Pride sponsor, stated that despite receiving some unfavorable reactions towards its Pride merchandise, the company remains committed to its inclusive ethos and has no plans to remove any of its products. He confidently remarked, “We stand by our values and we’re a highly inclusive organization. And we think the bulk of America is as well.”

According to InterPride, which represents over 375 Pride organizations globally, nearly 40% have reported an increase of 20% or more in sponsorship funds this year. This growth reflects the buying power of the LGBTQ+ community, which LGBT Capital, a U.K.-based investment firm, estimates to be more than $1 trillion in the U.S.

Anheuser-Busch and Target have remained tight-lipped about the controversies surrounding their Pride sponsorships. Target expressed its ongoing commitment to the LGBTQIA+ community, while Anheuser-Busch did not respond to inquiries.

However, not all reactions have been positive. RILA Global Consulting reports that the majority of negative social media posts about Pride this year attack companies for purportedly being “woke” and accuse them of sexualizing or grooming children. This marks a shift from last year when most criticisms were directed at brands accused of being “inauthentic” in their support for the LGBTQ+ community. This changing landscape has left companies feeling increasingly uncertain.

Despite the backlash, companies are facing real consequences. According to Bump Williams Consulting, Bud Light’s U.S. sales have fallen by 23% in the month ending May 13. Target has seen a 20% drop in its share value since mid-May, resulting in a $15 billion market value loss, although this is partially attributed to investor concerns about the impact of inflation on consumer behavior.

Several companies fear withdrawal from Pride celebrations due to potential backlash and boycotts. Others believe in the ultimate triumph of human rights and remain committed to their support for the LGBTQ+ community.

However, some Pride organizations have distanced themselves from Bud Light, claiming that the brand doesn’t adequately support the LGBTQ+ community. After Anheuser-Busch’s sponsorship contract with Miami Beach Pride ended in 2021, the organization signed a new multi-year contract with Molson Coors.

Meanwhile, other organizations like San Francisco Pride are sticking with Bud Light but are preparing for potential backlash. Anheuser-Busch has been a consistent supporter and increased its donation to San Francisco Pride this year. In Bud Light’s hometown, St. Louis, the company will sponsor the main stage at Pride and supply beer for the VIP tent.

As tensions rise, corporations continue their support for Pride, reflecting their enduring commitment to inclusivity and diversity.

Frequently Asked Questions (FAQs) about Corporate Support for Pride Month

More about Corporate Support for Pride Month

• Understanding the Corporate Role in Pride Month
• Anheuser-Busch’s LGBTQ+ Initiatives
• Target’s Commitment to LGBTQIA+ Community
• The Controversy Surrounding Pride Month Sponsorships
• InterPride’s Global Representation
• LGBT Capital’s Research on LGBTQ+ Buying Power