In Colorado Springs, an economist has weighed in on the efficacy of an ‘economic blackout’, inspired by a national call to action from The People’s Union USA. This activist group urged citizens to refrain from spending money for one day to demonstrate the collective power against corporations. Joe Craig, an associate professor of economics at UCCS, noted that while such movements can have a transient effect, they may not significantly disrupt the larger economy.
The protest is intended as a statement against corporate giants like Walmart and Amazon, with the goal of showcasing that consumer actions can influence corporate priorities. Craig observed that, while he witnessed people shopping rather than participating in the blackout, targeted protests against specific companies could yield more meaningful change. He stated, “I think the most important thing… you have to have a plan in place”.
Craig further examined consumer behaviour, recounting his class discussions on shopping preferences. While students expressed a clear preference for local businesses, they still favoured shopping at large corporations like Walmart for convenience and lower prices. This tendency, according to him, suggests that long-term change in consumer habits may be challenging.
Ryan Prickett, a managing partner at Brown’s Shoe Fit Co., echoed these sentiments, revealing that their store has struggled to entice shoppers back into downtown Colorado Springs post-COVID. Although occasional surges in interest for local businesses arise during promotional events, they tend to fade quickly, with online shopping’s convenience consistently overshadowing local shops. “The overriding thing is convenience for a lot of people,” Prickett lamented.
A Colorado Springs economist discusses the effects of the ‘economic blackout’ aimed at protesting corporations. Initiated by The People’s Union USA, the movement advocates for a day of no spending to demonstrate consumer power. While immediate impact is likely limited, creating targeted protests against specific companies could yield more significant change, as highlighted by economic behaviours prioritising convenience over support for local businesses.
In conclusion, while the ‘economic blackout’ initiated by The People’s Union USA seeks to challenge corporate norms, its real impact may hinge on concerted follow-up actions targeting specific brands. Economists like Craig caution that without sustained efforts, these protests could merely serve as temporary noise against the backdrop of deep-rooted consumer habits favouring convenience. Ultimately, the hope lies in fostering a cultural shift towards supporting local businesses, despite the allure of larger corporations.
Original Source: www.kktv.com
