Let me start by saying that economics is not my strong point. I have never been good with numbers and even worse with complex socio-economic models, but this is one of those rare cases where it all just clicked. Simply because, we are all participating in Dollar Voting without really knowing it, and this concept merely gives it a name and a little more explanation.
Dollar Voting is the concept by which, a purchase being made is in turn a vote for the type of world you want to see, or which products you wish to see on a shelf. By choosing one product over another you are financially supporting one industry over another, thereby funding further manufacture and production. It can also take place as a moral boycott, illustrating objection of a company, product or ingredient. This vote is often cast with moral or political intentions, and is particularly relevant to the fight to save the planet. By choosing Eco-friendly options wherever possible, you are supporting not only the product or service, but influencing the whole manufacturing process and helping to shape the industry to be the one you desire.
For example, by buying plant-based milk instead of dairy you are supporting the plant-based industry and if sales of the plant-based milk increase, the supermarket will meet this demand by stocking more. Alternatively, if dairy milk sales decrease, and the milk even goes out of date before being purchased, the supermarket will stock less dairy milk. As a result, the plant-based milk industry has been favoured with their revenue increasing, and manufacturers have been influenced by demand in the market, maybe resulting in less dairy milk will be produced. This isn’t only relevant to this example or even just food, but this is a prime example of how a small choice of what milk to have in your tea can create a ripple effect, and can help to change the world.
There are of course flaws to Dollar Voting, that limit its impact. The complex reasons or restrictions behind a purchase aren’t always morally motivated but can influence the way you spend your money; whether that be a dietary requirement, budget or necessity. Often these reasons are unavoidable, and don’t always allow the luxury to be conscious or ethical with a purchase. Unfortunately this means that Dollar Voting is tailored more to the middle and upper classes, who have the disposable income to be more free, deliberate and calculated with their shopping basket. One concern is that this may shape the market to also be tailored to these classes, making ethical choices even less attainable for those with monetary restrictions. My hope however is that by increasing their popularity, Eco-friendly options will become more widespread and a variety of retailers will strive to be more environmentally friendly.
My main takeaway from learning about Dollar Voting is that every small purchase does have an impact, and although the shelves may be full of plastic abstaining from these shrink-wrapped vices and choosing the Eco option will eventually change the supermarket landscape for good. So have faith and choose the green options wherever you can because, as with any vote, your small action is a part of something much bigger.