This Easter weekend, activists are
taking aim at Target
Retailers are bracing for Economic Blackout, 2.0. New data from Numerator finds that while just 12% of U.S. consumers say they plan to participate in this
weekend’s Economic Blackout, down from 16% during the first event in February, the boycott's economic impact appears to be growing.
The activist-led movement, protesting what organizers
see as corporate America’s retreat from DEI initiatives, continues to target the nation’s largest retailers. Among those planning to participate, 70% say they will avoid shopping at
Target, 66% at Walmart, and 65% at Amazon. Target, notably, saw a 2-point increase in boycott mentions compared to February.
Participation rates vary by demographic. Millennials are the most
likely to sit out shopping (16%), followed by Gen X (13%), Gen Z (12%), and boomers+ (10%). Awareness of the April event has dipped slightly to 31% of U.S. consumers, down from 38% in February.
Awareness is highest among Asian (45%), Hispanic/Latino (45%), and Black (44%) consumers.
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Support among those aware of the protests remains relatively strong, with 58% expressing support.
However, opposition is rising, now at 18%, a seven-point increase since February.
February’s Impact: Early Warning Signs
Numerator’s analysis of verified purchase
behavior during the Feb. 28 blackout found that while total retail sales dipped modestly, and not to a level of statistical significance, declines at Target, Walmart, and Amazon were more
pronounced.
Household penetration at these retailers fell 2.2 points to 22.7%.
Sales dropped 6.2%, and shopping trips fell 7.5%, deeper declines than the broader market.
Black
consumers showed the sharpest pullback, with spending down 18.7%, and trips down 17.6%. Black households collectively spent less than $1 billion that day, a $220 million drop -- the only time in the
past year spending for that cohort fell below that threshold.
LGBTQ+ shoppers also registered significant declines, with household penetration down 4.7 points.
Major chains have so far
kept mum on the boycotts, which are organized by the People’s Union USA and supported by multiple grassroots groups, including some influential Black churches.
The broader impact of the
April event may not become clear until retailers report quarterly earnings in May. Many have already warned of softer consumer spending, with ongoing concerns about tariffs and broader economic
conditions weighing on consumers. The University of Michigan reports that consumer sentiment plunged 11% this month to a preliminary reading of 50.8, the second-lowest reading on records going back to
1952. April’s reading was lower than anything seen during the Great Recession.
Early traffic patterns suggest some retailers are already under pressure. Placer.ai reports that Target has
seen declining foot traffic for 10 consecutive weeks, coinciding with its DEI policy changes. Walmart has also reported smaller but steady declines, while Costco -- one of the few major retailers to
reaffirm its DEI commitments -- has experienced rising foot traffic.
Even modest participation rates may challenge major retailers as consumers weigh brand values alongside price and
convenience. Whether sales at Target, Walmart, and Amazon fall disproportionately remains to be seen. But the early data underscores that even relatively small movements can have a visible, measurable
impact-- especially among key demographic groups.
As boycotts evolve, even small shifts in spending habits are starting to show up in the data.