A number of large US-based brands have quietly scaled back investments in LGBTQIA+ events, including Pride celebrations in New York City and San Francisco. These and others have reported a combined drop in corporate sponsorships totalling nearly $1m.
While this shift has been largely attributed to the Trump administration’s hostility towards DEI initiatives, tighter marketing budgets could also be a contributing factor, according to analysts. In a similar vein, Bloomberg has reported that corporate sponsorship for UK Pride events is also down this year.
As many sponsors back out, this creates an opening for equality-driven brands to form stronger partnerships with the LGBTQIA+ community in their place.
