Consumers call for businesses to activate circular economy

Consumer concerns about rising living costs is driving greater support for businesses that participate in the circular economy, a new CBA report has found.

Monday, 17 October 2022 

Consumers are calling upon businesses to boost their efforts towards the circular economy and make it easier for them to reduce waste, save money and help improve our environment, a new CommBank report has found. 

The rising cost of living, extreme weather events and supply chain disruption has brought waste and consumption into sharper focus for Australians, with 85 per cent of consumers concerned about the issue, according to CommBank’s latest Consumer Insights Report.

Jerry Macey, Commonwealth Bank's Executive Manager, Consumer and Diversified Industries, said in a circular model, the millions of unused products gathering dust in households become a tremendous source of value to consumers and the economy alike. 

In a circular economy, existing products and materials are reused and recycled as long as possible through efforts such as sharing, leasing, reusing, repairing, refurbishing, and recycling. 

Rising cost of living stood out as a key concern for more than three in four people, while 21 per cent regarded waste reduction as a significant medium-term challenge.