As a wave of “woke” corporate narratives sweeps across the US, two major companies are feeling the backlash of their customers: Bud Light and Target have seemingly committed “brand suicide” with their political moves.
The results are in, and it’s an overwhelming thump for the companies. Bud Light has seen a drop of almost 30% in sales volume and 25.7% in sales revenue since mid–April and its downward spiral continues. Reports from the weekend confirm that Bud Light’s sales are continuing to decline. This has sparked a large jump in purchases of competitor brands, meaning Bud Light is at risk of losing money, its number one spot, and its customers.
In line with Bud Light’s decline, Target is also feeling the heat of their lack of consideration for their customers’ views. After launching a Pride–themed clothing and books line aimed at children, they found themselves backlashed for working with designer C.A. King; King pushed statements like “Satan respects pronouns” on other, non–Target clothing. Furthermore, earlier in June, it was revealed that Target had given around $2 million to a school group that encourages school districts to keep parents in the dark about their child’s in–school gender changes, provides age–inappropriate explicit books to schools for free, and encourages the integration of gender ideology into curriculums.
Despite the backlash, Target CEO Brian Cornell remains stubborn, claiming the move was “adding value” to their bottom line and would “build greater engagement” with customers. However, this hasn’t turned out to be true— Target’s stocks have plummeted by over $12 billion since mid–month, leaving them with a fresh 52–week low of $133.88. On Tuesday alone, they fell 3.66%, taking another $2.4 billion from their market cap.
— Dr. Nickarama (@nickaramaOG) May 31, 2023
Although the BudLight and Target cases seem to have different underlying details, the outcome is the same: when companies go woke, they go broke. Not only are these companies immediately losing millions upon millions of dollars in sales, but they are also threatening their status as top–tier brands. Additionally, while Bud Light’s boycott has been easier to tackle due to an increase in the purchase of competitors’ brands, boycotting Target is more difficult for many people, who rely mainly on Target for groceries, clothing, and other household items. Regardless, the American people have been roused and are demanding change. And if Target and Bud Light don’t take the hint, their sales figures may continue to drop and their brands will remain meaningless.