TLDR: The majority of consumers are aware of the financial benefits of circular practices such as repair and second-hand shopping, according to a report from AI-powered payments network and shopping assistant, Klarna. The report, which surveyed over 3,000 consumers across the UK, USA, and Germany, found that younger generations are particularly knowledgeable about the economic and environmental advantages of circularity. However, despite this awareness, there is still a notable gap between attitudes and behavior, with barriers such as cost, feasibility, and convenience inhibiting widespread adoption of circular practices. The report also highlights the growth potential in the second-hand market, particularly among younger consumers who are more likely to opt for second-hand electronics. The repair paradox is also addressed, with the report noting that while many consumers believe that repaired devices are as good as new, they still choose not to repair broken items. The main hurdles to adopting circular practices differ across sectors, with cost and feasibility being the top barriers to repair in electronics, and feasibility, convenience, and utility being the main barriers in fashion. However, the report suggests that businesses can help shift consumer behavior towards more sustainable practices by encouraging and facilitating repair options.
Circularity: Saving Money, Viewed Favorably by Majority of Consumers – Klarna Report
