1、Learning from consumers: How shifting demands are shaping companies circular economy transition A circular economy survey 2Learning from consumers: How shifting demands are shaping companies circular economy transition In 2017 I had the opportunity to participate in the World Circular Economy Forum
2、in Helsinki. At the time, I said that as a financial institution, we have a moral obligation to help society progress in a sustainable way a point I still stand by today. We are uniquely placed in society because we are in contact with a variety of stakeholders within Foreword value chains. Over the
3、 last three years, Im pleased to say that the conversations around the circular economy have continued to grow. At ING, we havent stood still. Weve been using our financing and advisory discussions to actively help clients to transition to new sustainable models. Last year, we set up a Circular Supp
4、ly Chain Accelerator together with Accenture Strategy and Circle Economy to help large multinationals and their small and medium-sized suppliers shift to circular business models. Weve recently started leading a working group which is part of the Open Learning Environment a partnership between publi
5、c and private institutions valuable for the diversity of the participants involved in it: engineering, concrete and construction companies, economic advisors, and the municipality of Rotterdam. Next to these initiatives, weve also undertaken research. In 2019 we spoke to business leaders in the US a
6、nd asked them if they saw value in the circular economy. The results were overwhelmingly positive. 62% of the c-suite business leaders we surveyed said they planned to move toward circular business models, with another 16% saying they already had. The figures may seem surprising, but they arent when
7、 you consider the opportunity and potential benefits a circular economy brings. Better resource management for companies, less reliance on virgin raw materials, new revenue and data streams that provide better insights into their customers wants and needs. In 2020 weve created a companion piece of r
8、esearch that looks at the circular economy from the consumers perspective. In 2019 we saw the topic of sustainability at a boiling point: global protests, student demonstrations, the youngest ever Time person of the year, and heartbreaking images of environmental devastation and loss, to name a few
9、of the stories. How has this had an impact on consumer behavior? Is the topic of sustainability factoring into their buying habits? Are they interested in sharing platforms? Do they want a circular economy and do they even know what one is? Our research had some interesting findings. Its certainly n
10、ot a case of one-size-fitsall. Consumers are ever more concerned about their environmental impact, including that of the companies they are buying from, and are willing to walk away from brands they consider not to be sustainable. While the sustainability message doesnt resonate with everyone, the p
11、otential of the circular economy to redefine customer “convenience” could win over even the most ardent climate skeptics. With the necessary impetus for positive change, we have the capability to secure the future of our planet, our home, for generations to come. Isabel Fernandez Member of the Manag
12、ement Board and Global Head Wholesale Banking, ING 3Learning from consumers: How shifting demands are shaping companies circular economy transition Where will that value come from? There are many ways in which companies can apply the circular economy principles of reduce, reuse, and recycle to incre
13、ase profitability. Whether through more energy-efficient production, finding alternative uses for waste streams, reducing reliance on primary raw materials, or selling their products multiple times as sharing models and markets for refurbished pre-owned items continue to expand. The potential busine
14、ss gains are vast too big for any company to ignore. And this message is clearly hitting home. In our 2019 survey of US executives within the automotive, electronics, food and agriculture, and healthcare industries, we found that 78 percent of these companies have now adopted or plan to adopt circul
15、ar economy frameworks, as they recognize the importance of this strategy to their future competitiveness.3 All of this will be in vain, however, if companies cannot bring consumers with them as they transition to circular economy models. Without consumer buy-in, companies will be unable to close mat
16、erial loops or to generate additional value through product sharing and product-as-a-service (PaaS) models. The good news for companies investing in the circular transformation of their business models is that consumers want to change, too. Our latest circular economy research, a global study of 15,
17、000 consumers, reveals that 83 percent believe their own behavior and consumer choices can have a positive impact on addressing global environmental challenges. The upshot, however, is that consumers sense of personal responsibility is married to changing expectations of the brands they buy from. Th
18、ere is a real threat to companies that dont act, as consumers are prepared to vote with their feet: 59 percent are becoming more influenced by a products environmental impact when they make purchasing decisions. And they are becoming frustrated by brands that fail to inform them adequately; only one
19、-fifth of consumers are satisfied that theyre getting the full picture from companies about the environmental impact of their products. Introduction: Evolving expectations and the circular economy 1 Europes circular-economy opportunity, McKinsey 41 percent dont know where to access repair services;
20、71 percent arent aware of device-sharing platforms; and 39 percent cant distinguish between recyclable and non- recyclable plastics. Empowerment and reassurance: Educational gaps mean consumer empowerment is lacking, too. The top reason for not repairing clothes is consumers belief that, to do so, t
21、hey need skills they dont have, with 48 percent saying this. Meanwhile, concern about implications for data security (42 percent) is the second-most cited concern around leasing electronic devices. Circular infrastructure and convenience: Engagement with more novel circular practices is being held b
22、ack by the perceived effort required: 41 percent think renting clothes would require a lot more effort, and 36 percent say time is a barrier to repairing devices. At a country level, Chinese and Indian consumers attach high importance to companies adopting circular practices, but most European consu
23、mers are ahead of them when it comes to activities such as recycling. This may be down to a lack of infrastructure to support circular practices in these developing markets. Cost: Price is still a decisive factor for many consumers when buying clothes, food, or electronic devices. More than half (54
24、 percent) of consumers still choose low-cost fast-fashion items over more expensive, more durable ones. And, after quality and freshness, pricing comparable to that of mass- produced food would be most likely to motivate consumers to opt for locally sourced and produced food. Figure 5: I have active
25、ly stopped buying a companys food or drink products after discovering that the company is not environmentally responsible 38%47%48%42%35%28% All consumers 1824 years old 2534 years old 3544 years old 4554 years old 55 years old or above Several barriers stand in the way of deeper consumer engagement
26、 with circular models. While consumers sustainability concerns are translating into action, this often involves taking the path of least resistance, such as through buying decisions and convenient options like recycling. Only a small minority engage in actions that require additional effort on their
27、 part, whether that be repairing, renting, or adopting reusables. Some of these barriers are: Companies that dont respond to sustainability demands face a real threat to profitability. Consumers are already acting in significant numbers: 38 percent have boycotted food brands because of perceived bad
28、 environmental practices a figure that reaches 48 percent among younger consumers. 8Learning from consumers: How shifting demands are shaping companies circular economy transition Figure 6: How important is it that companies you buy products from adopt a circular economy approach? (Percentage select
29、ing 810 for importance on a 010 scale)? Figure 7: Number of consumers that regularly recycle food and drinks packaging 9Learning from consumers: How shifting demands are shaping companies circular economy transition Brands can help bridge the engagement gap through better communication and doubling
30、down on design innovation Plugging consumer awareness gaps by explaining a products overall environmental footprint or how to access repair and rental services could have a positive, measurable impact on uptake of circular practices. Meanwhile, more innovative design thinking to make repair easier a
31、nd cheaper, and to make products easier to share and resell, will empower consumers to undertake these activities. A deeper understanding of consumer motivations will help companies strengthen relationships as they accelerate transformation Our analysis identifies three broad consumer groups in rela
32、tion to the circular economy: Circular Champions, Circular Sympathisers, and Non-engagers. Champions are already prioritizing sustainability in decision-making, but they need better information and access to engage with more novel circular practices. Sympathisers are increasingly concerned about sus
33、tainability, but convenience remains king for them, and theyre only likely to adopt behaviours that dont significantly disrupt their existing lifestyles. Non-engagers, the largest group, are less engaged with sustainability issues; they need non-environmental incentives to adopt new modes of behavio
34、ur and consumption. Figure 8: Electronics: Cost and awareness are bigger barriers to consumers repairing devices than the time and effort involved Testing consumers circular practices Consumers can participate in the circular economy in a number of ways. In our study, we tested consumers engagement
35、with a number of circular practices across the fashion, food, and electronics industries: Purchasing decisions: Are consumers being influenced by sustainability factors when buying products? Recycling: To what extent are consumers recycling clothing, food waste and packaging, and e-waste? Reusing: A
36、re consumers adopting reusable food and drinks containers? Repairing: Are consumers repairing clothes and electronic devices? Secondary markets: Are consumers buying and selling items in second-hand clothing and electronics markets? Product-as-a-Service and product sharing: Are consumers renting clo
37、thes and electronic devices? Or using sharing platforms to rent or borrow devices? How open are they to doing this? Are unlikely to repair electronic devices because of the cost involved Dont know where they can get their electronic devices repaired Would be more likely to repair electronic devices
38、if brands offered a low-cost repair service 45%41%70% 10Learning from consumers: How shifting demands are shaping companies circular economy transition Understanding consumers circular personas Through their choices, consumers will influence how quickly companies are able to transition to circular m
39、odels, how those models are delivered and, ultimately, how successful they become. By analyzing the drivers and behaviours of the respondents in our study, we discovered that consumers tend to fall into three broad groups, based on two key dimensions: 1. Attitudes towards sustainability: How much im
40、portance do consumers place on the environmental impact of products they buy? And the environmental performance of the brands they buy from? 2. Willingness to change their behaviours: Are consumers willing to pay more for sustainable products? Would they expend additional effort to be more environme
41、ntally-friendly? We identified these three consumer groups: Non-engagers (42 percent of our survey sample) Circular Sympathisers (30 percent of our sample) Circular Champions (28 percent of our sample) Our persona analysis reveals significant differences in the outlook and behaviour of the various c
42、onsumer groups, and shows that an array of engagement tactics and incentives will be required to accelerate their adoption of circular practices. In the following sections of the report, we analyse how these different consumer groups engage in circular practices across the fashion, food, and electro
43、nics industries; the barriers to their increased adoption of these practices; and the changes companies can introduce to encourage stronger uptake. 11Learning from consumers: How shifting demands are shaping companies circular economy transition Figure 9: Consumers can be grouped according to their
44、Circular Persona Figure 10: Who are the Non-engagers? Non-engagers Dont factor sustainability into buying decisions just 5% say environmental impact of products is very important. Will not pay higher prices Only 14% prepared to pay more for sustainable products. Skeptical about individual responsibi
45、lity Only 10% think their actions can have a significant impact on addressing environmental challenges. Circular Sympathisers Care about sustainability 62% say its very important companies they buy from adopt circular practices. Prepared to pay more to support change 72% would pay a bit more for pro
46、ducts with environmental guarantees. But will not inconvenience themselves 72% say they wont partake in recycling and repair of products if it means more effort on their part. Circular Champions Sustainability is critical 75% say environmental impact of products is very important to them, even more
47、so than price (66%). Prepared to pay more to support change 77% would pay a bit more for products with environmental guarantees. Willing to go the extra mile for sustainability 87% say they will recycle and repair products even if it means more time and effort on their part. Largest group 42% of our
48、 sample. Less wealthy 39% have below-average incomes. Unempowered Only 10% think their actions could have a significant positive impact on the environment. Rural/suburban 63% live in rural/suburban areas vs. 56% of our sample. Multi-regional Over-represented in Japan, US, and Australia. Non-engagers
49、 12Learning from consumers: How shifting demands are shaping companies circular economy transition Figure 11: Who are the Circular Sympathisers? Figure 12: Who are the Circular Champions? In a minority Only make up 28% of our sample. Slightly older 40% are 55yrs+, vs. 32% of our sample. Take ownership 34% think they can have a significant positive impact in addressing environmental challenges. More female 56% female. vs 44% male. More European Over-represented in Italy, France, and the UK. Circular Ch
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