CommBank’s latest Consumer Insights Report highlights the shared value consumer businesses can create by providing avenues for customers to reduce waste. It reveals a window for businesses to lead, educate, and align with consumers to drive the transition from a linear to a circular economy.
Potentially, there are big rewards for consumer-facing businesses aiding the circular transition – it’s estimated as a $2 trillion economic opportunity for Australia.
Currently, Australia is the largest material user per capita in Asia-Pacific and the third largest in OECD after Chile. According to this report, 38% of consumers with more than 10 items of unused clothing collectively have at least 146 million items sitting in their closets.
However, today, Australia’s circular economy remains nascent compared to more advanced global peers. This is because of a lack of awareness of the circular economy, its principles and benefits. However, whilst ¼ Australians know of the term, 66% embraced circular principles once it was explained.
This means consumer businesses have a significant opportunity to tap into consumers’ willingness to do more to support the circular economy and the businesses that enable it. Although how do we promote circularity?
Commonwealth Bank’s Executive Manager, Consumer and Diversified Industries, Jerry Macey, said proactive initiatives are a powerful way to create engagement and loyalty with consumers who expect circularity and prefer to shop with businesses that support it.
Commonwealth Bank of Australia is a member of Circular Australia’s Finance & Investment Taskforce.
See all our Taskforce members on our Partners Page