- Circularity Equals Savings: Sixty-nine per cent of the respondents stated that buying second-hand clothing, repairing garments or renting pieces had either saved them money, or had the potential to do so. And 66% said the same of second-hand, rented, repaired or refurbished consumer electronics like smartphones and laptops.
The study also shows that Gen Zers and millennials are more aware of these benefits than older cohorts – 80% of 16- 24-year-olds and 77% of 35- to 44-year-olds cited the potential savings for fashion, compared to 52% of those aged over 55. - Knowledge Does Not Equal Action: However, knowing the benefits of circular shopping doesn’t translate into action. Although 45% agreed that a repaired electronic device is as good as a new one, 71% didn’t opt for repair the last time their mobile phone malfunctioned. The same goes for fashion, with seven in 10 consumers solely shopping for new clothes.
- Too Expensive, Too Much Hassle: Reasons cited for not engaging in circular shopping included the high cost of repair (57% for electronics and 21% for clothing) and low resale value (21% for clothes and 27% for electronics). Convenience is also a significant factor, with 30% saying that buying new products is easier.
This calls for sustainability-minded brands to make eco-friendly behaviours more convenient by offering repairs and take-back schemes, and giving these second-hand products the same visibility as new stock.
See New-Era Anti-Consumerism for insight into what brands can do to keep up with eco-minded consumers.