Feb. 28 is not a Friday the 13th, but it still could be bad news for retailers. The reason: A grassroots movement is calling on Americans to abstain from shopping with major retailers on Feb. 28 as part of an “economic blackout.”
In its coverage of the event, Axios reported that the economic protest comes as many everyday Americans struggle to keep up in the current financial landscape, with its high housing costs, surging egg prices and stubborn inflation.
The Feb. 28 blackout is an initiative by The People’s Union USA, which describes itself as a “grassroots movement dedicated to economic resistance, government accountability, and corporate reform.” The group says it has no political affiliation but is rather focused on uniting Americans against corporate greed. It was founded by John Schwarz, who describes his movement as raising awareness about the ways the “system is rigged” against everyday Americans.
“No Amazon, No Walmart, No Best Buy,” The People’s Union USA website reads. “Nowhere!” However, Axios notes, the blackout backers make an exception for buying “essentials of absolutely necessary” — like medicine, food or emergency supplies — but urges consumers to make those purchases at small, local businesses.
Will the boycott have a notable impact? In its “thought bubble,” Axios‘ Ben Berkowitz says probably not: Boycott threats regularly make headlines, but their impact is usually more optical than financial.
“In fact, decades of research into boycotts suggest they often end up having a counterintuitively positive effect, as a larger, silent majority votes with their dollars by shopping instead of staying home,” Berkowitz writes.
Click here for more from the Axios report.