Families with higher incomes prioritize the circular economy in their daily consumption, while retirees are those less committed to the goals of the circular economy.
This conclusion was made on the basis of a study published this Wednesday by one of the centers of economic research of the promising department of Cetelem – BNP Paribas Personal Finance, which collected responses from 14 thousand people from Belgium, Spain, France and Portugal in 2020 and who served 10 consumption profiles that will fit the most common lifestyle in Portugal.
These profiles, the financial institution explains, were determined by intersecting socio-demographic criteria such as age, number of elements in the house, with budget criteria: net income, budget constraints, and others. Thus, it was possible to compile 10 profiles and the relationship of each with the goals of the circular economy (sustainability).
Cetelem says wealthier families lead rating because they are the ones who “embed the circular economy more deeply into their habits” because they manage to do it easier because of the “budget margin”. “These families do not hesitate to buy expensive products that seem to be the best in terms of quality, environmental impact and health,” explains Setelem.
They are followed by carefree young people, young couples, strategic families, and middle-aged golden couples as “proponents of the circular economy”. “As a rule, they are not owners and show interest in rental services, and they are also attracted to purchases from others (CtoC).” According to the study, this group is “also very concerned about environmental issues.”
Most important, however, are young people who use secondhand shopping (26%) and online booking or exchange sites (29%). “They are focused on sustainable consumption, but price concerns make it difficult to deeper commitment to sustainability in purchasing decisions,” he says.
Understanding the circular economy as a cost-saving tool and facing the heavy burden of pre-allocated costs to which they are subject to pressure from families, single workers and humble middle-aged people seem to have “little interest” in this matter.
While families under pressure generate limited budgets that prevent them from choosing greener or better products, there are two groups of individual workers: 30-44 years old and 45-59 years old. “These two subpopulations have different habits due to their generation, which changes the way they are involved in the circular economy,” the study explains.
On the other hand, retirement couples and single seniors, since they are more prone to more traditional consumption where property is important, are not strategic targets for circular economy services.
