The customers consider convenience and cost as two main barriers they face when trying to shift to a circular economy
According to ING’s research, consumers believe what they buy affects the planet. This way, most of them avoid buying products from brands performing poorly on environmental practices.
However, they tend to change their shopping behavior due to the business practices which companies follow with the ‘take, make and dispose’ mentality.
The study also explained that brands need to understand what motivates various consumer segments, including those who don’t base their buying decisions on environmental factors. This way, ING highlights three groups of consumers: ‘circular champions’, ‘circular sympathizers’, and ‘non-engagers’.
The research stated that companies should simplify the transition to the ‘reduce, reuse and recycle’ principles of a circular economy. For instance, more than half of consumers still choose low-cost, fast-fashion items over more expensive and durable ones. Many of them do not repair their electronic devices because brands don’t offer low-cost easy repair services.