"The women-led grocery store boycotts of the 1960s in the US were ultimately unsuccessful, and inflation was only stamped out years later by the Federal Reserve hiking interest rates to punishing levels. But today’s consumers have a far more effective tool than placards — social media. "
K. So it hasn't worked in the past and Federal Reserve Hiking did?
"Leaving a one-star Google review for a price-gouging local business or a TikTok campaign against a bigger target might sound anti-business. But in fact it’s far better for the economy (and stock prices) than massive rate hikes that cause unnecessary unemployment. "
This borders on parody. Individuals are supposed to figure out what price increases are necessary and which are price gouging themselves. I hear people shout price gouging when a restaurant has to increase their burger prices, this is a nonstarter and will simply be noise.
"So far, consumers have mostly gone about tackling inflation quietly by, for example, switching from household-name brands to supermarkets’ cheaper private-label goods, turning to no-frills stores like Aldi and Lidl, or making products last longer."
So the brands that increase their prices too much suffer and the ones that don't lose customers. Why are you writing this article?