Circular economy – a concept to design waste out, circulate materials and resources, and regenerate natural systems. The eco-friendly concept is now gaining attention from both organizations and consumers.
In this report, Rakuten Insight breaks down what shoppers truly think of sustainability. A survey was conducted with 1,800 customers from 6 markets: Japan, France, Germany, Spain, the UK and the US. The survey results suggest that a growing percentage of consumers are indeed consuming more consciously; more than 50% of respondents have purchased sustainable products.
Are sustainable products in demand?
<Image source: Rakuten Insight>
Demand for sustainable products is expected to continue growing for the next 5 years, especially within Europe. According to Rakuten Insight, 85% of Spanish and 81% of French consumers intend to purchase sustainable products for the next 5 years; with most of these consumers being Gen-Z or Millennials.
One of the main reasons why consumers choose sustainable products is because it’s “better for the planet” (Spain: 83%, Germany: 79%, France: 77%, UK: 76%), and “better for people” (UK: 54%, Spain: 53%, Germany: 48%, France: 43%).
What are circular business models?
The two main models of a circular economy are renting and second-hand products.
The rental model appears to be more popular in Asia, whilst second-hand products are the preferred model in Europe, especially in France (69%) and in the UK (68%). Popular categories for second-hand shopping are apparel, books, furniture.
In terms of renting, Japanese consumers (33%) are the most willing to rent compared to other countries. Products that consumers prefer to rent include books and electronics.
For more insights, head over to Rakuten Insight’s full report at the link below!
About Rakuten Insight
Over the last two decades, Rakuten Insight has remained at the forefront of consumer market research data collection in the region. Rakuten Insight’s online panels have been developed throughout 12 major Asian markets and regions, all of which are managed by dedicated local support teams and meet the highest standard of the industry.