This study examines the recent emergence of political consumerism in Hong Kong. Given its potential implications, we document the origin and maturation of this development and theoretically explain political consumerism from three perspectives: as a response to China's economic intervention, as a form of identity politics, and as a new form of political participation. Drawing on original data collected from a representative survey of the local population, supplemented by interviews with stakeholders from the prodemocracy economic circle, we found that people who opposed China-Hong Kong economic integration and expressed a strong local (as opposed to national) identity tended to support boycotting. People who engaged in political consumerism were active in both legal and radical protests, pointing to the complementary nature of these different forms of activism. Further, by adopting a mediation analysis, we find that support towards the Anti-extradition Law Amendment Bill Movement only partially mediate the effect of the factors on political consumerism, suggesting that they are distinct development despite their shared origins. This article provides a novel perspective on the political polarisation in Hong Kong among consumer markets.