Rethinking Consumption: A Conceptual Paper on Circular Economy from a Marketing Perspective

Abstract

The circular economy is rapidly expanding and many practitioners are becoming aware of this growth. Consumer demand for circular economy products has motivated businesses and stakeholders to transform their business and marketing operations into a circular form. Therefore, the aim of this research is to explore the factors that influence consumer purchase intention related to the circular economy. The study proposes a conceptual model that depicts multiple factors such as attitudes, subjective norms, perceived behavioral control, convenience, environmental impact, and cause-related marketing that can possibly influence purchase intention. The methodology proposed involves collecting data from past studies on a similar research theme and developing a robust model related to circular economy from a marketing perspective. The proposed model of this study will be  analysed using structural equation modelling software in the future. Literature review reveals that these factors possess unique attributes that can accelerate consumer purchase intention. The study further suggests that empirical research can be conducted in the future to test components of the factors included in the model. Therefore, the expected results can help green marketers and policymakers understand the factors that influence purchase intention and promote the development of a circular economy. The study concludes that consumers can significantly contribute to the growth of a circular economy by purchasing circular products.