A new survey indicates that 72% of LGBTQ+ consumers plan to reduce spending with companies perceived as scaling back their diversity, equity, and inclusion (DEI) commitments.

Spending is shifting away from brands like Target (NYSE: TGT), Walmart (NYSE: WMT), and Amazon.com (NASDAQ: AMZN), while companies such as Costco, Apple, and Kroger are gaining more support from this demographic.

According to the National LGBT Chamber of Commerce, the collective spending power of LGBTQ+ consumers in the U.S. is estimated at $1.7 trillion.

Research from the Human Rights Campaign Foundation shows that LGBTQ+ consumers are adjusting their brand preferences based on corporate DEI policies.

Survey results released this Wednesday show that nearly 72% of LGBTQ+ consumers said they would spend less with companies they view as reducing their DEI commitments, with almost 70% of respondents having already refused to make purchases from such businesses on multiple occasions.

The five companies most frequently cited for spending cuts were Target, Walmart, Amazon.com, Chick-fil-A, and Home Depot.

Conversely, nearly 70% of LGBTQ+ consumers said they would increase spending with companies actively supporting inclusive policies.

The top five companies receiving increased spending from this group are Costco, Apple, Ben & Jerry's, Delta Air Lines, and Kroger.

Human Rights Campaign spokesperson Jonathan Lovitz stated, "Consumers are not demanding perfection from brands; they are seeking transparency and clarity in corporate positions. There remains a gap between the image companies project and the policies they actually implement."

The survey was conducted amid a trend of companies scaling back diversity initiatives, adjusting public DEI programs, or withdrawing from the organization's annual Corporate Equality Index.

Earlier this year, the Human Rights Campaign noted a significant drop in the number of companies participating in this benchmark, which measures workplace policies and benefits for LGBTQ+ employees.

Participation from Fortune 500 companies plummeted 65%, from 377 in 2025 to just 131 in 2026.

The National LGBT Chamber of Commerce estimates that the LGBTQ+ community contributes over $1.7 trillion in annual consumer spending to the U.S. economy.

In response to the survey, Amazon.com stated that it remains committed to creating opportunities for its employees and serving a diverse customer base.

A company spokesperson said, "We continue to provide platforms for our employees to grow, helping them achieve personal value and build connections within the company and their communities."

The other companies mentioned in the survey have not yet issued official responses.

American consumers are increasingly making brand choices based on corporate DEI stances.

Target has faced consumer backlash from both sides of the political spectrum over its policies and was the most frequently cited brand for spending reductions in the survey.

Data from research firm Consumer Edge shows Republican voters significantly cut spending at Target after Pride merchandise controversies in the summer of 2023.

Subsequently, after the company scaled back several DEI policies in early 2025, spending by Democratic voters also declined.

However, in its latest fiscal quarter, Target reported its first positive comparable sales growth in five quarters.

The retailer continues to maintain several public partnerships with LGBTQ+ organizations, including being a platinum sponsor of the 2026 NYC Pride celebration.

In the survey, Costco was the most cited brand for significant spending increases.

The retailer has been a vocal supporter of diversity policies; earlier this year, shareholders overwhelmingly voted down a proposal requesting the company assess potential risks of its DEI programs.

Lovitz noted, "Companies that have maintained long-term trust within the LGBTQ+ community are typically those that have not frequently altered their established policies and have remained consistent in their stance."

Consumer Edge data shows that in the months following this shareholder vote, Costco led all major retail brands in year-over-year spending growth among Democratic voters.