WRAP claims there is “a real appetite” for more ‘circular’ business models, particularly for manufacturers of household appliances, consumer electronics and DIY and gardening equipment.
A report into consumer attitudes concludes that while consumers have a strong preference for buying and owning new products, there would be demand for a greater emphasis on repair and rental services, trade-in and purchasing second-hand when delivered by trusted retailers.
WRAP has looked at a range of models and says three have real commercial potential:
- Trade-in model for consumer electronics - up to 90% of respondents are willing to trade in their old and unwanted consumer electronics such as laptops and TVs if a high quality service could be provided by a major retailer.
- Fixed-price repair model for household appliances - up to 70% of consumers are willing to pay for a fixed-price repair service for products such as washing machines if it was delivered by a manufacturer or specialist retailer of these products.
- Rental model for DIY and gardening products - if a rental model was available, over two-thirds of consumers said they would be willing to use it, particularly if it involved well-known brands through a DIY retailer.