Bud Light, a brand under the Anheuser-Busch InBev company, recently disclosed its commitment to donate $200,000 to the National LGBT Chamber of Commerce (NGLCC). The decision comes amidst a boycott backlash related to the company’s affiliation with Dylan Mulvaney, a transgender activist. Announced on Monday, the donation aims to bolster the NGLCC’s Communities of Color Initiative and the CoCi Biz Pitch program. This contribution supports the growth of minority LGBTQ+ businesses and offers financial rewards for successful business pitches.
Anheuser-Busch InBev reiterated its commitment to positive change in LGBTQ+ businesses in a released statement. This gesture aligns with Bud Light’s previous year’s donation to the NGLCC, continuing the partnership. However, the goodwill gesture comes at a time when the company faces public outrage following its endorsement of Dylan Mulvaney, whose “365 Days of Girlhood” TikTok series was celebrated with a personalized beer can.
Anheuser-Busch InBev has weathered significant financial repercussions due to the ongoing boycott. Since April, the company has experienced a nearly 20% decrease in stock value, with stock prices plummeting from $66 to $53 as reported by Forbes. Concurrently, weekly sales comparisons with the previous year show a consistent decline of 10% or more.
A comparative analysis conducted by Bump Williams Consulting and Nielsen IQ revealed that Bud Light’s individual beer sales had taken a 29.5% hit compared to the previous year. Additionally, the company reportedly offered to purchase unsold beer from wholesalers to counterbalance the PR disaster. Anheuser-Busch InBev has also lost over $15.7 billion in market value since April but continues to sponsor various Pride events across the country.
However, Anheuser-Busch InBev isn’t the only company to experience consumer dissent over LGBTQ+ affiliated promotions. Retail giant Target was previously forced to relocate LGBTQ+ displays after backlash against the sale of LGBTQ+ children’s clothing. The company experienced threats from LGBTQ+ activists and lost $9 billion following the introduction of Pride-themed clothes.
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