You're quite right. Democracy and consumerism don't always push in the same direction, but when they conflict, democracy has more moral legitimacy.

Arguing in favour of democracy does mean limiting some people's opportunity to make money. That can make it an unpopular view.

(Independent of regulatory capture and governmental corruption, of course. The point being that the people are in charge, not what they do with their wallets, because otherwise we end up with an oligopoly.)