This is my personal reconciliation on this issue. It's also how I resolve other issues of ethical consumption.
1. I'm a biologist by training, which skews my perspective on the whole 'life' thing. As a general rule of thumb, to live is to consume. There is no life that does not consume. Even plants, who make their own food, consume water and trace nutrients from the soil. I cannot avoid consumption as a living being, particularly an animal-type living being.
2. Everything I've read when researching ethical consumption choices indicates that the consumptive choices of a single individual cannot and will not have an impact, especially under late stage capitalism, which specializes in encompassing everything and turning it around for profit (see: punks, greenwashing, etc).
2.5 You know what DOES have an impact? Collective action. Whether it is striking for better working conditions, petitioning your elected reps for laws and regulations that protect the vulnerable and the environment, engaging in shareholder activism, or petitioning businesses to change. That is where real impacts can be made.
3. With that in mind, I attempt, to the extent I can as a person who is not going to devote their life to these issues, to participate in collective action that helps the issues I care about. I use my fancy high-paying job to make monetary donations to groups who DO employ people who have devoted their lives to various issues around the environment and inequality. I volunteer with local groups who do work that I think is important. And I invest in broad-market index funds on the assumption that better me than someone else who does not share my values, and I'll have a lot of money leftover that will continue to support these causes after I'm dead.
4. Does that mean I entirely give up on trying to make ethical choices? No. I still try to ride my bike more than I drive, I eschew most cleaning products, I minimize fertilizing my food garden and forego pesticides, and purchase all of my clothing primarily second hand. These are my efforts toward shifting my immediate cultural standards away from consumer capitalism. But I don't worry about it too much because worrying takes energy that I could otherwise use to make a phone call to my legislators telling them that they need to continue to support national parks and fund the National Science Foundation.
So yeah. Everyone draws the lines they are comfortable with. And that's how I approach things.