An iconic characteristic of Hong Kong’s social unrest in 2019 was the establishment of the so-called “yellow economic circle”—a networked system of retailers and consumers linked by shared political values. Movement sympathizers chose to consume products from retailers perceived as supporting movement aims and boycotted retailers thought to be in favor of closer ties with China. This research focuses on the challenges of the yellow economic circle through the lenses of class and consumer nationalism. Drawing on social media posts and interviews with pro-democracy individuals from different socio-economic backgrounds, we highlight challenges to the sustainability of the “yellow economic circle.” Class-based purchasing power represented an obstacle to the success of the yellow economic circle; however, it was not the biggest challenge. Instead, an inherent incompatibility between the movement’s aims and the means for achieving these aims posed the biggest hurdle. Navigating this incompatibility represented an opportunity for movement participants to develop innovations in thinking about consumer nationalism and the role purchasing power may play in participation. We conclude that the way participants defined consumer nationalism determined whether the yellow economic circle could be understood to engender a shared “Hong Kong identity” and eliminate existing class differences.