It will be a very different LGBTQ Pride month this year in the US – the first since the return of Donald Trump to the White House and the implementation of his anti-diversity initiatives across every element of government and society. There’s no blueprint for celebrating a month acknowledging a minority group when diversity initiatives have essentially been outlawed. Grave consequences potentially await companies and institutions that support diversity, equity and inclusion programmes. But while the American public is still ready to fete the queer community throughout June, the private sector has become far less sanguine.

According to Heritage of Pride, the organiser of New York’s annual pride parade, 25 per cent of corporate donors have cancelled or reduced sponsorship this year, which can run from $7,500 to $175,000 (€6,600 to €154,000). Long-time supporters such as PepsiCo, Nissan, Citi, Mastercard and PricewaterhouseCoopers are not returning to this year’s festivities. Other brands are trading marquee sponsorship deals for lower-profile parade booths and product placements. 

Brewing company Anheuser-Busch has ended its PrideFest sponsorship in St Louis, and the same goes for spirits giant Diageo in San Francisco. Such moves not only threaten to reduce the size of Pride events in June but also broader outreach efforts by festival organisers throughout the year. Perhaps most worrisome, nearly 40 per cent of companies plan to reduce internal Pride programming over fears of White House retribution. As Fabrice Houdart, executive director of the Association of LGBTQ+ Corporate Directors, recently told The New York Times, “there are a lot of companies saying ‘I won’t engage on anything LGBT-related because I don’t want to find myself being a target.’”

While this year’s corporate retreat may feel regressive – if not foreboding – the shift does offer a much-needed reset for a Pride industry that many LGBTQ activists felt had become more concerned with celebrating capitalism than sexual liberation. Grassroots groups such as the Dyke March and Reclaim Pride Coalition have long held alternative, “protest” Pride events – the latter under the banner: “NO COPS, NO CORPS, NO BS”. 

Even if it’s possible, ending Pride’s reliance on private sector largesse won’t be simple. Nor will it be easy for Trump to ignore the millions of LGBTQ people and allies that are expected to pour into Washington as it holds the biannual WorldPride event over the next two weeks. Hilton, Delta and Amazon are all listed as sponsors, though the extent of their contributions remains unclear. Even skittish companies such as home-goods retailer Target – which faced a backlash over its Pride fashion collection in 2024 – are finding ways to support LGBTQ causes while still avoiding White House ire: Target will reduce its visible brand presence at New York’s Pride march while still contributing cash to the event. Ultimately, of course, the show will go on. And for all the backroom corporate tussling, there remain few shows with the scale and spectacle of Pride.