Consumersb engagement in extending product life to build a circular economy

Olga Timofei
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Olga Timofei: National Institute for Economic Research of AESM,Republic of Moldova

Romanian Journal of Economics, 2023, vol. 57, issue 2(66), 63-73

Abstract: Amidst the growing significance of the circular economy and the imperative to embrace this paradigm, inquiries emerge concerning the precise manifestation of this transition. This encompasses alterations in the paradigm of value creation and the introduction of innovative business models. Furthermore, consumers' active involvement in extending products lifespans and conserving resources is crucial. Recognizing the significant environmental impacts of consumption habits, embracing circular economy behaviors becomes essential for a successful transition to this sustainable economic model. Objective to examine the behavioral dimensions of the Republic of Moldova's populace in relation to consumer products across diverse life stages. Also to pinpoint the impediments and strategic compromises encountered by consumers in deliberating their participation in the circular economy and to gauge the pivotal role played by economic, social, and psychological factors in shaping consumer behavior. Method: in order to accomplish the research goal, a survey was created to evaluate the involvement of consumers in prolonging the durability of consumer goods. The questionnaire is focused on understanding consumer behaviors and attitudes towards practices, such as leasing, second-hand purchases, and reuse, which are the essential elements of a circular economy. Results: The examination and assessment of the survey responses some interesting discoveries. Although there is an inclination within the populace to utilize products for an extended duration, consumers in the Republic of Moldova typically exhibit skepticism and hesitancy towards adopting alternative practices that foster product lifespan extension and circular economy principles. Originality: This study contributes to the existing knowledge by specifically examining the behavioral aspects of the population in relation to consumer products and their engagement in the circular economy. The study offers insights into the challenges and trade-offs encountered by consumers, illuminating the significance of economic, social, and psychological factors that impact consumer behavior in the context of transitioning to a circular economy.

Keywords: circular economy; consumersb behavior; increasing product usage; sustainable development; product-life extension (search for similar items in EconPapers)
JEL-codes: Q01 Q32 Q57 (search for similar items in EconPapers)
Date: 2023
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