Home / Knowledge / News / Textiles / Buyer stance linked to perceived environmental impact: ING

Buyer stance linked to perceived environmental impact: ING

11
Feb '20
Pic: ING
Pic: ING
Consumer attitudes have reached a tipping point, leading them to avoid brands that don’t prioritise sustainability and environmental issues, says a new report by global financial institution ING. Despite demanding change, customers will still prefer the linear ‘convenience economy’ model of ‘take, make and waste’ unless a more seamless transition towards circular economy is offered.

Faced with potential damage to profitability, businesses must offer more convenient sustainable options to consumers in order to create meaningful engagement with the circular principles of ‘reduce, reuse and recycle’, the report, titled ‘Learning from consumers: How shifting demands are shaping companies’ circular economy transition’, said.

The majority of respondents believe their behaviour and choices can have a positive impact on addressing global environmental challenges (83 per cent). Furthermore, 61 per cent say they would be less willing to buy a company’s product if they discovered it was performing poorly on environmental practices.

The report notes the potentially vast gains for businesses that embrace the ‘reduce, reuse, recycle' principles of the circular economy by aligning with consumers’ changing demands.

To better capture the opportunity of the circular economy and engage with these customers, companies must first understand the barriers to widespread consumer adoption. The barriers include cost, awareness and education, empowerment and reassurance, and circular infrastructure and convenience, an ING press release said citing the report.

The top reason for not repairing clothes is consumers’ belief that, to do so, they need skills they don’t have, with 48 per cent having this sentiment. Engagement with more novel circular practices is being held back by the perceived effort required: 41 per cent think renting clothes would require a lot more effort, and 36 per cent say time is a barrier to repairing devices.

More than half (54 per cent) of consumers still choose low-cost, fast-fashion items over more expensive, more durable ones.

For companies to address these barriers for all of their customers they need a deeper understanding of consumer motivation. ING’s analysis identified three broad groups: ‘Circular Champions’, ‘Circular Sympathizers’, and ‘Non-engagers’. The report identifies within each industry sector the different buying decisions, behaviours and motivations of each group in embracing—or not—circular economy practices.

Fibre2Fashion News Desk (DS)


Must ReadView All

Pic: Shutterstock

Textiles | On 19th Apr 2021

NCTO seeks approval for collection of China 301 duties

The National Council of Textile Organizations (NCTO) of the US has...

Pic: Dong Nhat Huy / Shutterstock.com

Apparel/Garments | On 19th Apr 2021

Vietnam's export sectors become M&A targets for foreigners

Vietnam's textiles-garment and leather-footwear sectors are facing a...

Pic: EIN Presswire

Apparel/Garments | On 19th Apr 2021

EC funds campaign on disastrous impact of fast fashion

With clothes consumption increasing by 60 per cent in only 15 years,...

Interviews View All

International apparel brands, Head honchos

International apparel brands
Head honchos

Launched first collection at onset of Covid

Textile Industry, Head honchos

Textile Industry
Head honchos

We are staring at livelihood crisis for weavers

Textile Industry, Head honchos

Textile Industry
Head honchos

Good tidings expected for textile industry

Chini Chouhan,

Chini Chouhan

Founded by Chini Chouhan, her eponymous brand specialises in women's...

P V Kadole,

P V Kadole

Nine co-operative organisations from Ichalkaranji came together to form an ...

Subrata Ghosh,

Subrata Ghosh

Nandan Denim, part of leading conglomerate Chiripal Group, commenced its...

Pranesh Sridharan & Berndt Koll, Lenzing

Pranesh Sridharan & Berndt Koll
Lenzing

The Lenzing Group produces Lenzing Lyocell and Modal cellulosic fibres of...

Sanjay Raut, Garware Technical Fibres Ltd

Sanjay Raut
Garware Technical Fibres Ltd

Garware Technical Fibres Ltd (formerly Garware-Wall Ropes Ltd) is a...

Jacques Prigneaux, EDANA

Jacques Prigneaux
EDANA

EDANA has been the leading global association and voice of the nonwovens...

Ramya Rao & Kavea R Chavali, Kalaneca

Ramya Rao & Kavea R Chavali
Kalaneca

<div>The journey of Kalaneca (kala-Art, Neca- Nikaah) formally began in...

Megha Kumari & Jigar Mali, Label Megha & Jigar

Megha Kumari & Jigar Mali
Label Megha & Jigar

New Delhi based label Megha &amp; Jigar blends India's unique handcrafts...

Sarah Denise Cordery, Sarah Denise Studio

Sarah Denise Cordery
Sarah Denise Studio

Manchester, England-based Sarah Denise Studio provides relevant fashion...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


April 2021

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.


Advanced Search