According to the results of a new global survey commissioned by ING, consumer attitudes have reached a ‘tipping point’.
Customers today, says the survey report, will drop brands that fail to prioritise sustainability and environmental issues, with a majority of respondents stating that they believed their behaviour and choices can have a positive impact on addressing global environmental challenges (83%t). And 61% say they would be less willing to buy a company’s product if they discovered it was performing poorly on environmental practices.
The authors of ‘Learning from consumers: How shifting demands are shaping companies’ circular economy transition’ point to the potentially ‘vast gains for businesses that embrace the ‘reduce, reuse, recycle' principles of the circular economy by aligning with consumers’ changing demands’.
The report also highlighted the barriers to widespread consumer adoption of circular practices. These included awareness and education, cost, circular infrastructure and convenience and, interestingly, empowerment and reassurance: the top reason, cited by 48%, for not repairing clothes is consumers’ belief that to do so, they need skills they don’t have. Meanwhile, concern about data security (42%) is the second-most cited concern around leasing electronic devices.
ING’s analysis identifies three broad groups: ‘Circular Champions’, ‘Circular Sympathizers’, and ‘Non-engagers’ and analyses within each industry sector the different buying decisions, behaviours, and motivations of each group in embracing – or not – circular economy practices. Understanding these will help brands to gain insight into how to transition to circular business models, and to engage more effectively with those whose buying decisions are not based on environmental factors.
View the report here: http://bit.ly/2RTPix8