100% wrong. This idea of the 'ethical' or 'conscious' consumer arose sometime around the 1980's (and beame very manifest in the 1990's). Consumers can't regulate anything. They're not a well informed, organised group of people, and they have the memory of a hamster. Try and remember big boycotts of days of yore, like against Nike (with their child labour): nothing happened. Nike is still a huge, well functioning company. Or look a the crimes of facebook making more money than ever.
But putting the responsibility on the consumer to (ethically) regulate the market conveniently removes some of that responsibility from the politicians, organisations and other actors who actually regulate the market.
Politicians, the EU, WTO, IMF etc. is where the work lies.