New York City Pride has seen a significant pullback from corporate donors, with around a quarter of its supporters canceling or reducing their contributions this year. The estimated shortfall is $750,000, which will impact the organization’s preparations for its largest event.
Reasons cited by sponsors include uncertainty over tariffs and concerns about backlash from the current administration due to publicly supporting diversity, equity, and inclusion (DEI) initiatives. This trend is not isolated to New York City but is happening across the country, with companies in various cities experiencing similar declines.
According to Joanna Schwartz, a professor at Georgia College & State University, the current political climate has led companies to be cautious about associating themselves with the LGBTQ+ community, fearing potential backlash. However, she emphasizes that true supporters of the LGBTQ+ community should continue to stand by it, as it is now more valuable than ever to do so.
As companies re-evaluate their marketing strategies, New York City Pride is urging those who share its values to apply for the Fast Company Brands That Matter Awards, which recognizes brands committed to supporting diversity and inclusion.
Source: https://www.fastcompany.com/91340546/so-much-for-corporate-pride-a-quarter-of-nycs-pride-sponsors-have-backed-out