WASHINGTON – Today, the Human Rights Campaign Foundation released a new analysis of S&P Global Mobility data that shows LGBTQ+ and people of color consumer power in the automotive sector that could threaten billions in future sales for Ford and Toyota due to their decisions to scale down diversity, equity and inclusion (DEI) initiatives in recent months.

With close to 30% of Gen Z adults identifying as LGBTQ+ and the community holding $1.4 trillion in spending power, retreating hastily from DEI is detrimental to any company’s bottom line and employee retention. August 2024 data from the HRC Foundation 2024 LGBTQ+ Climate Survey found that 80% of LGBTQ+ consumers are not only willing to boycott companies that are rolling back inclusion initiatives, but more than half will urge others to do so also, taking their concerns to social media or sharing negative company reviews. Any LGBTQ+ consumer backlash also presents opportunities for a company’s competitors to win new customers and expand their own market share.

S&P data highlights the bottom line impact for big-name brands:

• Over one-third (34.8%) of new vehicles purchased in the U.S. since the start of 2020 were purchased by LGBTQ+, Black, Asian, or Latine Americans – a total of more than 19.3 million new vehicles.

  • LGBTQ+ Americans on their own have purchased over 2.6 million vehicles since the start of 2020. (One in 20 new vehicle registrations over the past five years have been to an LGBTQ+ person).

  • African American: 4,453,655 new vehicle registrations (8.0% of all vehicles)

  • Latine: 9,039,323 (16.3% of all vehicles)

  • Asian: 3,816,686 (6.9% of all vehicles)

• LGBTQ+ Americans have spent an estimated $103 billion on vehicles since 2020. The top three brands LGBTQ+ Americans have spent the most money on over the last five years:

  • Chevrolet - $12.3 billion;

  • Ford - $12.2 billion, with an additional $1.2 billion from LGBTQ+ consumers on Lincolns;

  • Toyota - $11.1 billion; LGBTQ+ consumers spent an additional $2.8 billion on Lexus.

• Previous research from the HRC Foundation 2024 Annual LGBTQ+ Climate Survey found that 80% of LGBTQ+ adults would boycott a brand that rolled back their DEI programming. Applying that to estimated LGBTQ+ auto spend in 2025:

  • Ford stands to lose almost $2.4 billion in 2025 on Ford ($2,138,723,763) and Lincoln ($230,689,706) branded vehicles.

• Toyota stands to lose over $2.5 billion in 2025 on Toyota ($2,030,329,511) and Lexus ($524,578,356) vehicles.

Top CEOs, shareholders, consumers and members of Congress have been vocal in their support of DEI amid far-right fear mongering over the immense progress made on workplace equality in recent decades:

Recent statements by Fortune 500 executives Jamie Dimon at J.P. Morgan, David Cordani at The Cigna Group, Tim Murphy at Mastercard, Inc., and Ryan Lance at ConocoPhillips, express support for their companies’ DEI efforts and the role they play in their financial success and achieving their business objectives. Additionally, members of Congress have pushed back on companies cowering to far-right divisiveness as shareholders weigh options to hold accountable the handful of companies curbing DEI. Last month, HRC and 19 other major civil rights groups called on Fortune 1000 executives and board members to remain steadfast in their commitments to workplace inclusion.

The data on diversity and inclusion as good for business is clear:

• Washington Post Poll: 6 in 10 Americans support diversity and inclusion programs.

• McKinsey: Companies in top quartile for gender and ethnic diversity significantly outperform their competitors.

• According to research conducted by the HRC Foundation, more than three-quarters (75.7%) of LGBTQ+ adults state that if a company rolled back DEI initiatives, they would have a less favorable opinion of that company.

The Human Rights Campaign Foundation is the educational arm of the Human Rights Campaign (HRC), America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer (LGBTQ+) people. Through its programs, the HRC Foundation seeks to make transformational change in the everyday lives of LGBTQ+ people, shedding light on inequity and deepening the public’s understanding of LGBTQ+ issues, with a clear focus on advancing transgender and racial justice. Its work has transformed the landscape for more than 15 million workers, 11 million students, 1 million clients in the adoption and foster care system and so much more. The HRC Foundation provides direct consultation and technical assistance to institutions and communities, driving the advancement of inclusive policies and practices; it builds the capacity of future leaders and allies through fellowship and training programs; and, with the firm belief that we are stronger working together, it forges partnerships with advocates in the U.S. and around the globe to increase our impact and shape the future of our work.