Shops increasingly offering reprocessed goods
As the cost crunch carries on, savvy shoppers are searching for a bargain. And the circular economy which champions cutting waste and reducing carbon emissions is tapping in to growing demand.
Transcript
00:00 This modular couch is getting a new lease on life.
00:06 Replacing the cover rather than creating a whole new sofa, it's an 84% reduction in carbon,
00:12 which is fantastic.
00:14 The Australian Furniture Company wants to cut its emissions and reduce landfill, so
00:18 it's launched a buyback program to update and resell its goods, and is about to start
00:24 a subscription service too.
00:26 The ownership never actually passes to the user of the items.
00:31 We retain ownership, which means we're sort of incentivised, I guess, to create really
00:36 high quality products that last a long time.
00:40 Creating a circular economy where the same goods continue to be bought and sold is gaining
00:45 in popularity.
00:46 And it's not just about environmental concerns.
00:49 The rising cost of living is driving people to the second hand market.
00:55 And I guess the question is, will the second hand market continue after the cost of living
01:00 crisis is over?
01:02 Everything is indicating that the market will continue to grow.
01:06 82% of Australian consumers are changing their spending habits, with 26% saying they're buying
01:12 more second hand goods.
01:14 And it's not just here.
01:16 Globally, fashion circular business models were worth US$70 billion in 2019, and are
01:22 tipped to increase tenfold by 2030, making up almost a quarter of the entire fashion
01:28 market.
01:30 This outdoor and sports store gives credit to people who bring in old items.
01:36 It's a more accessible way of Australians to be able to continue doing sport, no matter
01:40 the inflation crisis at the moment.
01:43 What's old is new again, in an ever-changing retail environment.
01:47 [BLANK_AUDIO]