New Survey Shows LGBTQ+ Shoppers Are Moving Their Spending Away From Target, Walmart and Amazon

A new survey from the Human Rights Campaign Foundation shows LGBTQ+ consumers are changing where they shop based on how they perceive companies' diversity, equity, and inclusion commitments, and the shift is showing up in measurable spending patterns across major retailers.

The findings come from the organization's Pride in the Marketplace 2026 Report, which found that nearly 72% of LGBTQ respondents reported purchasing fewer products from companies they believe have scaled back diversity and inclusion efforts. The data adds to a broader pattern playing out across retail in 2026, where corporate DEI decisions are increasingly tied to consumer behavior in both directions, a dynamic that echoes how shopper perception shapes buying decisions across ecommerce more broadly.

What the Survey Found

Nearly 70% of respondents also said they have refused purchases from those businesses at least some of the time. When asked which companies they most associated with reduced diversity commitments, the five companies respondents most frequently linked to reduced spending were Target, Walmart, Amazon, Chick-Fil-A and Home Depot.

The pattern runs in both directions. HRC's survey found nearly 70% of LGBTQ+ consumers are also rewarding companies they view as supportive of diversity and inclusion, with Costco, Apple, Ben & Jerry's, Delta Air Lines and Kroger cited as the five companies most frequently associated with higher spending.

The survey carries weight given its scale. HRC's survey was conducted online from Sept. 29 through Oct. 27, among roughly 15,000 U.S. adults, including about 10,000 LGBTQ+ respondents and 5,000 non-LGBTQ+ respondents. HRC spokesman Jonathan Lovitz, in remarks reported by CNBC, framed the findings as less about ideology and more about consistency, telling the outlet that companies are not expected to be flawless, only transparent about where they stand.

A Broader Pullback From Corporate DEI Commitments

The survey lands at a moment when fewer companies are participating in HRC's own benchmarking tools. Earlier this year, HRC reported a sharp decline in participation in the index, a benchmark that has long measured workplace policies and benefits for LGBTQ+ employees, with Fortune 500 participation falling 65%, from 377 companies in 2025 to 131 in 2026.

That decline has tracked alongside a year of high-profile corporate retreats from public DEI commitments, most visibly at Target. According to a case study published by Diversity.com, Target ended several of its most visible DEI initiatives in January 2025, including its REACH strategy and participation in the Human Rights Campaign's Corporate Equality Index, and rebranded its Supplier Diversity program to “Supplier Engagement.” The company described the move as a response to a shifting external environment.

The fallout was immediate and significant. A Substack analysis comparing Target's two recent boycotts found that foot traffic at Target fell for nine consecutive weeks following the rollback, down 14% in February and 9% year over year for that month, translating to roughly 5 million fewer store visits compared to the year before, while Costco, which maintained its DEI commitments, saw 7.7 million more store visits over the same stretch.

Target has continued to face pressure from multiple directions since then. As Fortune reported, civil rights activists organized a nationwide boycott in protest of the rollback, timed during Black History Month, which led to dramatic declines in store traffic, and Black business owners whose products were featured in Target stores voiced concern that the boycotts might inadvertently hurt their own sales.

It is worth noting that Target's DEI reversal followed an earlier controversy that pulled the company in the opposite direction. As CNN documented at the time, self-identified Republicans reduced spending at Target during the summer of 2023 following controversy surrounding the retailer's Pride Month merchandise display. The company has spent the past several years navigating backlash from both ends of the political spectrum over its approach to social issues, a position few other major retailers have found themselves in as consistently. That kind of whiplash is part of why building a stable brand reputation matters so much for any company selling at scale, since reversing course on values-driven positioning tends to alienate whichever side felt the company was finally on their side.

Why Consistency Appears to Matter More Than Position

One detail in the HRC findings stands out for retailers thinking about long-term brand loyalty: Costco was the most frequently cited company among consumers who said they increased their spending, according to the HRC survey. Notably, as the original CNBC report noted, earlier this year shareholders overwhelmingly voted against a proposal that would have required the company to evaluate risks associated with its DEI programs.

Lovitz pointed to that consistency as the differentiator, telling CNBC that the companies building the most durable trust with LGBTQ+ consumers are the ones that did not change their approach at all, regardless of outside pressure.

The data backs that framing. Consumer Edge spending data showed Costco posted its strongest year-over-year growth among self-identified Democratic consumers in the months following that shareholder vote, suggesting that holding a position, rather than the position itself, may be what builds lasting loyalty among a customer base, much like the trust-building approach Costco has applied to pricing and membership for decades.

The Stakes for Retailers

The financial scale of this consumer segment is part of why companies are paying attention. The National LGBT Chamber of Commerce estimates LGBTQ+ consumers represent more than $1.7 trillion to the U.S. economy. For retailers the size of Target, Walmart, and Amazon, even a small shift in spending share within that group represents meaningful revenue.

Amazon, for its part, responded to the survey by emphasizing its internal practices rather than addressing the spending data directly. A company spokesperson told CNBC that Amazon has continued supporting its employees with opportunities to grow and connect, both internally and in their communities. Target, Walmart, Chick-fil-A, and Home Depot did not respond to requests for comment on the findings.

Whether this spending shift proves durable or fades, as some boycotts have in the past, remains an open question. Marketing researchers cited by CNN who have studied past corporate boycotts note that success often depends on how easily consumers can substitute one brand for another, and for retailers as large and category-spanning as Target, Walmart, and Amazon, that substitution is harder for most shoppers to sustain than it was for narrower boycotts involving single products. That dynamic may end up shaping how lasting this particular spending shift turns out to be.