Observatory shows consumers are leaning towards more circular consumption, but are seeking greater reliability and more options
- One in two consumers has already purchased second-hand articles and 60% of European consumers are looking for greater access to circular markets or second-hand products
- 75% of consumers are increasingly considering the environmental impact of their purchasing choices
- More than a third of the Europeans believe that they will buy more second-hand products in the future and expect retailers to do more to help them move towards more responsible consumption
- Main questions on increasing circular habits among consumers remain questions on quality or durability and the desire to see more “brick and mortar” offers more than online.
Croix, October 7th, 2021 – European consumers are increasingly linking consumption and environmental or social impact, and actively seeking solutions that help either shift lifestyles or change the way they consume to reduce their global carbon footprint. In this context, Oney launches the European Observatory of Circular Consumption, assessing and accompanying the changes in consumer trends towards more circular, second-hand markets.
The Observatory aims to track the trend and support European consumers as they navigate new offers and players or explore circular options and seek guidance in making new consumption decisions. It measures the changes on the economic landscape and supports retailers as they analyze and adapt business models to the circular expectations of consumers.
Conducted by Harris Interactive across Spain, France, Sweden and Germany, the first survey made by the Observatory indicates that the trend in circular spending or more conscious purchasing choices in sectors such as clothing and tech was already present well before the Covid-19 pandemic. The global consumption is recovering from the effects of the pandemic (including store closures and local restrictions), but the market is not yet back to pre-Covid levels. In parallel, the market for second-hand or circular goods was overall less impacted during the pandemic.
Today, 60% of Europeans are looking for greater access or new options to access circular markets. The survey also reveals the desire from consumers for companies to help guide and drive this change.
Our purpose : Partner of the transformation of commerce, Oney gives everyone the power to improve their daily lives and consume better. It is therefore natural that we support the ongoing societal and commerce changes through the development of circular consumption. We support consumers in their daily budget management and offer solutions that allow them to invest in quality versus quantity and make more responsible, sustainable purchasing choices, and support retailers to provide sustainable and impactful solutions.
Mylène Engelspach, Oney Group Transformation, Communications and CSR Chief Officer
Across Europe, more than 75% of consumers are increasingly thinking about the environmental impact of their consumption habits and are consciously making changes to reduce the impact. Indeed, roughly half of respondents have already purchased second-hand items, with clothing, furniture and computers/high-tech appliances being the top segments. More than 1/3 of respondents confirmed the ambition of buying more items second-hand and confirm that beyond price, quality and responsibility are driving factors for choices.
Guarantees of quality or lifespan is the biggest blocking point, particularly in Spain where 89% of respondents say guarantee and warranty to be a determining factor.
In 2020, Oney observed a 67% increase in production among actors of the circular economy. Our partners in the circular and second-hand economy are responding to the growing demand and awareness from consumers of the impact of their purchases. Oney’s split payment solutions can support consumers as they invest in higher quality goods leading them to buy less but buy smarter. Our partnerships with brands and companies in the circular economy reassure consumers with stronger guarantees/insurance and are a signal of support for these companies to continue moving the trend forward.
Jean-Pierre Viboud, CEO of Oney
While Oney continues to develop partnerships with economic game changers and players in the circular economy, Oney and Harris Interactive will conduct an annual survey across Europe to continue monitoring the changing landscape and share insights and best practices in the evolution towards more circular consumption.