In the sustainability crowd, Circular Economy has been a hot topic for quite a while. People like Bill McDonough and Ellen MacArthur are well-known and widely admired within the sustainability community.
From a consumer and business perspective however, the development has been a much slower. The term is new and its meaning hard to grasp.
Apart from smart consumers embracing the sharing economy and all its perks, there has been little progress. But finally we see a light at the horizon. Both consumers and companies are starting to increase their interest in the topic and understanding the meaning of it, as well as its potential. So, why is this?
Well first of all, the focus on packaging, recycling and related challenges has increased during the last 2-3 years (Sustainable Brand Index). People are frustrated, either at home due to an overflow of packages, or at work due to high costs. ”There must be a better way” is becoming the normal train of thought in both the consumer and decision maker mind. EU´s newly adopted Circular Economy Package which includes revised legislative proposals on waste also pushes the agenda forward.
Furthermore, the striking excess in supply of clothes, food and tech gadgets are rapidly starting to disturb regular consumers, most of all Millennials and Generation Z. An average of 40% of these youngsters want to decrease their consumption of all of these things (Sustainable Brand Index). They are also keen on educating their parents.
These are just two of many reasons that we now see an increased interest in Circular Economy. As a company, you need to get ahead of this trend and gather knowledge regarding how circular economy is affecting your customers.