The circular economy could be worth 48 billion dollars

A recent report from Gumtree highlights massive growth in circular economy trading, and estimates it could be worth over 48 billion dollars.

It’s time to congratulate the millions of people already dabbling in the circular economy, without even realising it.

What is the circular economy? Our current system inevitably produces waste, following a linear take-make-dispose method of consumption, the global economy generates over 70 billion tonnes of waste annually. The Circular economy aims to eliminate or drastically reduce waste generation through a disruption of our current behaviours, methods and products. The Gumtree report chiefly identifies that by creating sustainable products that can easily be repaired, re-used and then recycled, the circular economy becomes more possible as highlighted in the following infographic.

For more info you can read our article about it here: What is the circular economy?

Trying to implement a new economic system seems scary. But this report highlights how we’re already starting to work in a circular system. We’re getting pretty darn good at it too. Not only do we have platforms like Gumtree, Ebay and facebook marketplace. But there’s a growing number of Buy Nothing local pages too and a growing number of people using them. More companies are adopting a circular mentality as well. Patagonia or Who Gives a Crap being well known examples with younger generations today. But you can also check out these other companies proving their mettle by taking out the prizes at the inaugural Circle Awards. 

Gumtree’s report found that in the past year Australians have diverted 110 million items from landfill by giving items a second life. People are turning to the sharing economy both out of a desire for sustainability but also to gain some financial freedom. The report estimates the average Australian stands to make $5300 from unwanted or unused items in their home. 

The way Australia consumes is changing. The report highlights that financial responsibility is no longer the main driver behind how we consume, but sustainability and the environmental footprint of items has become an important part of their decision making process. This is heartening, given the need for us to rethink and transform our behaviours for the future of our planet.

Australia is still one of the worst polluters when it comes to ewaste, with the average Australian creating 21.7kg of electronic waste a year, but with a rise in the sharing economy, we can limit this excessive waste and give our items a second or third life.

You can read the report here: Gumtree trading in the circular economy 2021

And tell us what you think about the future of our economy, or share a business who’s taking on the circular model well. 

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