Danish consumers are organizing boycotts of American products and services in response to President Trump's campaign to acquire Greenland, creating potential revenue headaches for US companies operating in the Nordic market.

The grassroots movement, which gained momentum over the past week, spans categories from streaming services to consumer goods. Social media campaigns using hashtags like #BoycottUSA and #StandWithGreenland have urged Danes to cancel Netflix subscriptions, avoid McDonald's and Starbucks, and switch away from Apple products where possible.

While Denmark's economy represents a relatively small market for most US multinationals, the boycott movement carries symbolic weight and could serve as a template for broader European consumer action if the Greenland crisis escalates. Denmark's GDP totaled approximately $400 billion in 2024, with per-capita income among the world's highest, making Danish consumers valuable customers for premium brands.

Netflix reported approximately 1.8 million subscribers in Denmark as of Q4 2024, generating an estimated $180 million in annual revenue from the market. Streaming services have become an early boycott target, with Danish consumers posting screenshots of subscription cancellations on social media. Several Danish celebrities have publicly announced they are dropping US streaming platforms in favor of European alternatives.

Apple faces particular scrutiny given its premium positioning and large installed base in Denmark. The iPhone holds roughly 40% market share in the Danish smartphone market, well above its European average. Organized campaigns are encouraging Danes to choose Samsung, which manufactures in South Korea, or European brands for their next device upgrade.

American fast-food chains including McDonald's and Starbucks have physical locations throughout Denmark that could face declining foot traffic. McDonald's operates approximately 90 restaurants in Denmark under a franchise model. While the company doesn't break out Denmark-specific revenue, the Nordic region contributed an estimated $750 million to systemwide sales in 2024.

The boycott extends to e-commerce, with Danish shoppers organizing campaigns to avoid Amazon, which entered the Danish market in 2020. The company has invested significantly in Danish logistics infrastructure, making the market strategically important for its European expansion even if absolute revenue remains modest.

Danish business associations have taken a more measured approach, stopping short of endorsing formal boycotts while expressing strong opposition to Trump's Greenland demands. The Danish Chamber of Commerce warned that economic nationalism cuts both ways, noting that Danish companies including Novo Nordisk, Maersk, and Vestas generate substantial revenue from US operations.

Novo Nordisk, the pharmaceutical giant behind blockbuster diabetes and weight-loss drugs, generated approximately $24 billion from US sales in 2024, representing roughly 60% of total company revenue. The company has invested more than $8 billion in US manufacturing capacity. Any broader trade war between the US and Europe would create significant complications for Danish exporters.

Shipping conglomerate Maersk, one of the world's largest container shipping companies, derives approximately 35% of revenue from US-related trade routes. Wind turbine manufacturer Vestas has major operations in the United States, with American markets accounting for roughly 15% of annual order intake.

Economists caution that consumer boycotts rarely achieve measurable financial impact unless sustained over extended periods and accompanied by formal trade restrictions. However, they can influence corporate behavior by creating reputational risks and complicating government relations.

"Danish consumers are signaling their outrage through their wallets," said Lars Jensen, a Copenhagen-based economist who tracks consumer behavior. "Whether this translates to material revenue impact depends on how long the political crisis persists and whether similar movements emerge in other European markets."

Some US companies with significant Danish operations have remained conspicuously silent on the Greenland dispute, presumably hoping to avoid becoming lightning rods in a geopolitical conflict. Others have issued carefully worded statements expressing respect for Danish sovereignty without directly criticizing US policy.

The boycott movement reflects broader European frustration with what many view as increasingly transactional US foreign policy under Trump. Consumer activism has historically played a role in European responses to US policies, from Vietnam War-era protests to opposition to the Iraq invasion.

For US companies, the Denmark boycott represents an early warning signal. If the Greenland crisis triggers broader European consumer backlash, companies with significant European revenue exposure could face meaningful financial consequences. The S&P 500 derives approximately 30% of aggregate revenue from international markets, with Europe representing the largest regional contributor.

Cui bono? In this case, the primary beneficiaries may be European and Asian companies that can position themselves as alternatives to American brands. Samsung, Spotify, and European streaming services stand to gain if Danish consumers follow through on switching pledges.

The numbers don't lie: consumer boycotts make for compelling social media campaigns but rarely move quarterly earnings. Still, no CFO wants to explain to analysts that geopolitical tensions are eating into market share. The smart money is watching Denmark closely to see if this becomes a model for Europe-wide consumer activism.