Corporate Caution Marks Pride Month 2023
- Companies are exercising caution during Pride Month due to backlash following incidents involving Target and Bud Light.
- This careful approach is influenced by the upcoming divisive presidential election.
- Despite the backlash, many firms continue to support LGBTQ+ initiatives.
As Pride Month comes to a close, the corporate response has been notably more reserved compared to previous years. A report from Gravity Research indicates that only 45% of Fortune 100 companies engaged in Pride-related social media posts as of June 21, a decline from 51% in 2022. While the visibility of corporate support for the LGBTQIA+ community remains crucial, some companies appear to be reassessing their strategies in light of recent controversies. Notably, brands like Target have adjusted their approach to Pride merchandise, limiting availability to locations that accounted for the majority of sales in previous years. Target reaffirmed its commitment to supporting the LGBTQIA+ community through participation in Pride events and ongoing support for related organizations. Meanwhile, Bud Light faced backlash after its partnership with transgender influencer Dylan Mulvaney, leading to a significant drop in sales and a loss of its long-held position as the top-selling beer in the U.S. Although some consumers have begun to return to the brand, Bud Light has refrained from promoting Pride this year. The cautious stance of some companies contrasts with others that are enhancing their diversity initiatives. However, experts note that there is still significant work to be done, particularly in supporting the transgender community. The political climate has influenced corporate marketing strategies, with a marked decrease in the inclusion of transgender individuals in campaigns, reflecting a broader trend of anti-ESG proposals gaining traction among Russell 3000 companies.