New generation acceptability towards durability and repairability of products: Circular economy in the era of the 4th industrial revolution

Simona Bigerna (), Silvia Micheli and Paolo Polinori

Technological Forecasting and Social Change, 2021, vol. 165, issue C

Abstract: The 4th industrial revolution (4IR) is in its early stage, and the exploitation of all its potential benefits is the challenge of the future. This revolution involves product information for consumers, which is relevant for addressing circular economy (CE) principles. The consumer is crucial for CE development, buying or not buying new, sustainable products designed according to CE principles and 4IR technologies. This is especially true for the new generations who will be the future consumers. We analyze the importance of younger generations in supporting these new products. In particular, the aim is to evaluate to what extent the market is able to sustain durability and repairability of CE characteristics of products included in the 4IR. Using a contingent valuation approach according to the theory of planned behavior, we investigate the willingness of university students to pay for smartphones produced with ecolabels that indicate such characteristics, attested by either paper-based scheme or blockchain technology. Results reveal that some variables, such as parental education, household income, and age, positively affect both participation and willingness to pay (WTP) the stated amount. Durability is always preferred to repairability, and paper-based scheme is preferred to blockchain technology. Interestingly, a good percentage of respondents are willing to support blockchain transition. Other results contribute to several strategic suggestions for developing sustainable products attaining CE and 4IR technologies.

Keywords: 4th industrial revolution; Circular economy; Contingent valuation; Willingness to pay; University students; Smartphone repairability and durability (search for similar items in EconPapers)
JEL-codes: C25 C93 D12 O33 Q55 (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:165:y:2021:i:c:s0040162520313846

DOI: 10.1016/j.techfore.2020.120558

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