New research from WRAP shows that there is considerable consumer interest in resource efficient business models, which contribute to a circular economy by keeping products in circulation for longer.
Consumers have a strong preference for buying and owning new products. However, research from WRAP found that there is a “strong appetite” for repair and rental services, trade-in and purchasing second-hand when delivered by trusted, major retailers.
Despite very few consumers trading in their TVs, laptops and tablets, it is not a reflection of their willingness to do so, according to the report, which found that up to 90 percent of respondents are willing to trade in their old and unwanted consumer electronics such as laptops and TVs if a high quality service could be provided by a major retailer.
WRAP said: “The appetite is particularly strong for these models to be delivered by large, household-name brands, which consumers trust and can readily access”.
With high proportions of consumers willing to trade in their old and unwanted consumer electronics and DIY & gardening products, but very few actually doing so, because it’s perceived that the infrastructure isn’t there to do so. This presents significant opportunities for retailers and manufacturers of these products, according to WRAP.
The report also shows that there is a real appetite for more “circular” business models, which keep products in use longer (such as trade-in, rentals and repairs), as alternatives to the traditional “linear” model, where we sell-use-dispose.
“It’s important to emphasise that current behaviours show a strong preference for buying new – but that much of this could be down to consumers perceiving a current lack of other reliable options.”