Do You Need Deep Pockets To Let Your Wallet Talk?

When President Trump called for his supporters to boycott Goodyear after the tire manufacturer had banned its employees from wearing MAGA hats at the workplace, it was just another example of politics and business blending together in these highly politicized times. Whether it’s people laying off Starbucks coffee for their ban of Black Lives Matter shirts or others burning their Nike gear after the sportswear giant had sided with Colin Kaepernick in the controversy over athletes kneeling during the national anthem in protest of racial injustice, brands have to be extremely careful these days if and in what way they want to position themselves politically.

According to a recent poll conducted by YouGov, 1 in 2 U.S. adults admitted to having boycotted a brand in protest in the past, while 63 percent think that boycotts are an effective way of protesting against a company’s actions. Interestingly, affluent Americans seem more convinced by the power of their wallets than those on smaller incomes. As the following chart shows, 67 percent of those earning $80,000 or more have participated in a protest in the past, while only 43 percent of those earning less than $40,000 have done the same.