June 2021
The circular economy is a way of acquiring or providing goods through sharing, resale, leasing, or reusing rather than purchasing or producing new items. Cars are a classic example of a product that is often acquired through the circular economy. In 2019, there were 85 used cars sold for every 100 new cars sold. The wide variety of channels — ranging from online retailers to traditional dealerships to the neighbor who parks a car in the yard with a “for sale” sign – reflects the popularity of purchasing cars through channels dedicated to the circular economy.
Options for buying consumer products in the circular economy are beginning to reflect the wide-ranging options for buying cars. For example, someone seeking to buy clothing has options as varied as upscale websites such as The RealReal, to bricks-and-mortar chains like Plato’s Closet, or small local retailers such as UpShift and the Good Style Shop, which curate collections for specific customer segments.
The market research firm Mintel recently asked a national panel of consumers which products they have purchased through the circular economy. Rank their answers from most popular to least popular among consumers in the circular economy:
A. Sporting goods
B. Special occasion clothing
C. Shoes
D. Jewelry
E. Furniture
F. Electronics
G. Children’s clothing
ANSWER
32% of respondents reported acquiring furniture through the circular economy, making this the most popular category, followed by children’s clothing (26%), sporting goods (24%) which tied with special occasion clothing (24%) and was followed by jewelry (19%), electronics (15%) and shoes (12%).
Source:
Muller, David. (20 April 2020). Used=car market in ‘strange moment’. Automotive News.
Ortega, Marisa. (March 2021). The Circular Economy. Mintel Reports. Via https://reports-mintel-com.ezproxy.library.wisc.edu/display/1044737/
