There is strength in numbers.
As some of America’s biggest and most recognizable companies, CEOs and board of directors continue to speak out both for and against certain social and geopolitical issues—particularly DEI (diversity, equity and inclusion)—consumers have begun to draw their own conclusions about how these actions will personally affect them and their families.
The result is a call for “economic boycotts” or “fasts” as changes in consumer behavior are being designed to hit companies where it counts: the bottom line.
While most of the numbers are still coming in, some of the data is beginning to provide a sneak peek at trends—and get us a little closer to being able to answer the question: Do boycotts still work in 2025?
Target And Tesla Are At The Center
The two most visible boycotts are aimed at Target and Tesla, but the reasons vary.
Target, one of America’s largest retailers with over 1,950 stores, has been omnipresent in the news recently for their January 24, 2025 decision to change their DEI policy and practices around both supplier diversity, which they renamed “supplier engagement”, and for their decision to “sunset” (the latest corporate lingo for shut down) their Racial Equity Action and Change initiatives (REACH). Both of these shifts signaled they’d be changing their investment and priority in diversity efforts, which they have been vocal about in the past, particularly around black-owned businesses, where they committed to $2 billion in spend.
Soon thereafter, a movement began growing on social media, calling for an economic blackout day on February 28 against Target, alongside other retailers who made similar DEI changes. On that day, Target’s website traffic was down 9% compared with the same period last year.
In the background, Pastor Jamal Bryant launched TargetFast.org, calling on 100,000 conscientious citizens to fast from spending any money at Target for the 40 days of Lent, beginning Wednesday, March 5. He’s also asking individuals to sell any Target stock they may own.
From there, LatinoFreeze.com came to light, bringing a similar message to their cultural community. According to data from Placer.ai, for the week the boycott started, foot traffic fell 6.8% year over year at Target stores.
Beyond consumers, the family of one of Target’s cofounders has become vocal, telling the Los Angeles Times they’re alarmed by the recent decision, saying “It is not ‘illegal’ for a company to create a business model based on what it believes to be important ethical and business standards.” And online, in a Target subreddit which has been around since 2010, employees are expressing their frustration too. (It should be noted that the group isn’t affiliated with or endorsed by the company.)
The markets are taking notice. Target’s stock price (NYSE: TGT) is down 24%—from 137.40 on January 24, the day they cut their programs—to 104.70 on March 15. Within that time frame, their stock is down 10% from when the 40-day kickoff began on March 5, accelerating an ongoing downward trend in their stock price since late 2024. To top it off, The City of Riviera Beach Police Pension Fund filed a class-action lawsuit against Target, its CEO, and board members, claiming they misled investors about the financial risks of Target’s DEI and Environmental, Social, and Governance (ESG) initiatives. The plaintiffs are alleging that Target downplayed the risks of consumer backlash and boycotts stemming from the changes.
With the 40 days set to conclude on April 20 (Easter Sunday), somewhat of a stress test will occur during their annual sale week, called Circle Week, with offers ranging up to 40% off items from March 23 to 29 in store and online. The annual promotion, akin to Amazon’s Prime Day, offers seven days of deals to members of their Target Circle program. This year’s event will take place in the middle of the boycott, and that data should be able to paint a better picture of these consumer efforts once the time comes.
At the same time, Tesla is facing similar outcomes, but for a different reason.
For Tesla, its chief executive’s relationship and time commitment to the Department of Government Efficiency (DOGE) has been seen as a political stance well beyond his lane as the world’s richest man and CEO of multiple entities, from SpaceX and Tesla to Starlink and X.
Tesla’s share price (NAS: TSLA) is down 40% since December, with more than $500 billion being wiped off the company’s value. Beyond just the Unites States, Musk’s efforts have triggered a global reverberation, as sales across Europe have slumped for the automaker. On X, users have been less engaged in recent months, while President Trump’s trade war seems to have hit a nerve with the Canadian province of Ontario, which will be “ripping up” its C $100 million (U.S. $68 million) contract with Starlink.
For Tesla specifically, over 350 protesters convened upon a Tesla showroom in Manhattan as part of the nationwide “Tesla Takedown” protests against billionaire Musk.
But They Are Not Alone.
According to the People’s Union USA, “whose mission is organizing to take back control of our economy, government and future,” there are more boycotts on the way, or already in progress:
- Amazon: March 7 to 14
- Nestlé: March 21 to 28
- Walmart: April 7 to 13
For now, at least in the short term, it seems that these boycotts are having an effect, but the question is how long it will last. A look into the crystal ball tells us people will continue to vote with their feet in stores and their fingers online—as well as their collective time invested in any particular brand.
But the true test, in the long term, will be if today’s consumer will turn to new outlets and build new brand relationships for their everyday items and anchor purchases. With so many options in the market to choose from already, and with the emergence of new offerings such as ByBlack, a nonprofit working to develop solutions to the generational problems of the Black economic agenda. Having earned the support of American Express, new solutions such as ByBlack, where over 20,000 black-owned businesses have signed-up to be listed, may add fuel the boycotts staying power and may help build a bridge to consumers genuinely invested in seeing changes in the marketplace, where they feel like they are celebrated and not simply tolerated.