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CIRCULAR ECONOMY
By our News Team | 2023
US researchers discover that consumers exhibit a higher willingness to pay for products that are part of a circular take-back strategy.
Researchers from Boston University in the US have published a study in the American Marketing Association’s Journal of Marketing, which shows that tapping into consumers’ sense of ownership prompts them to place a higher value on products from a circular economy.
The study is titled ‘Affording Disposal Control: The Effect of Circular Take-Back Programs on Psychological Ownership and Valuation’ and is authored by Anna Tari and Remi Trudel.
Photo by Markus Winkler from Pexels
Various governments view a circular economy as part of the solution to the climate crisis and have implemented Extended Producer Responsibility (EPR) laws that hold manufacturers accountable for the entire lifecycle of their products, including disposal and repurposing.
However, policymakers grapple with prioritising these programmes when faced with limited consumer awareness and support, while manufacturers resist these programmes due to potential cost escalation, shrinking profit margins, and the perceived burden of passing costs onto consumers – potentially compromising their competitiveness in the market.
The researchers discovered that consumers exhibit a higher willingness to pay for products that are part of a circular take-back strategy.
“The driving force behind this willingness lies in a concept known as psychological ownership,” Tari explains.
“Circular products offer control over the disposal of the product, which taps into consumers’ sense of ownership, prompting them to place higher value on these items. This finding could alter how businesses and policymakers approach the implementation of circular programmes.”
Several companies have recognised the benefits of the circular economy. For example, clothing retailer H&M encourages consumers to participate in its circular take-back programme by returning their used clothes to the retailer.
Depending on the type of clothing and its condition, H&M donates the clothing to charity, recycles it, or reuses it to make new clothing to sell.
Similarly, Ikea, the company that designs and sells ready-to-assemble furniture, has committed to being 100% circular by 2030 and has implemented a take-back scheme promoted extensively in stores.
The Boston University researchers carried out eight experiments that study a variety of products, in order to demonstrate that consumers place higher value on circular programme products.
Lessons for marketers and policymakers
The study offers valuable lessons for CMOs and policymakers. Among them:
The insights from this research hold important conclusions. “Businesses can align their strategies with consumer values; policymakers can foster support for sustainable initiatives; and consumers can make choices that resonate with their values,” Trudel says.
Researchers analysed a sample of toy commercials and identified distinctions in the musical styles used in ads targeting boys and girls.
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