Circular Economy and Sustainability

Circular economy offers an alternative to linear economy model and can provide up to $4.5 trillion in economic benefits to 2030. Research must look at both production as well as consumption for increasing circularity in pursuit of sustainability. We examine circular economy and sustainability from production perspective and then from consumption perspective. From consumption perspective, consumers are becoming more conscious of sustainability during these times of COVID19 pandemic. Consumers consider sustainability related factors in different purchasing situations irrespective of buying from physical retail stores or online buying. Brands need to communicate their commitment to sustainability and circular economy to their consumers for greater transparency. This may have positive impact on brand positioning in the market. Overall, circular economy not only provides the methods to tackle climate change and biodiversity loss together but also addresses important social needs. It also helps to grow prosperity, jobs, and resilience while providing environmental benefits like reducing waste, greenhouse gas emissions, and pollution