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http://dx.doi.org/10.15266/KEREA.2022.31.1.001

Consumers' Acceptance and Willingness to Pay for Products with Eco-Friendly Materials in Circular Economy: A Case of Clothing Made with Microplastic Emission-Reducing Materials  

Eom, Young Sook (Department of Economics, Jeonbuk National University)
Publication Information
Environmental and Resource Economics Review / v.31, no.1, 2022 , pp. 1-30 More about this Journal
Abstract
This study is to investigate consumers' acceptance and their willingness to pay for clothes made of materials with low microplastic emissions as an alternative to synthetic fibers made of plastics by applying the contingent valuation method. A nationwide web-based survey was conducted for 1,052 respondents proportional to region, age, and gender during February 2021. More than 75% of the sample expressed intentions to purchase microplastic emission-reducing clothing instead of synthetic fiber clothing, and more than 80% of them have stated their willingness to pay for additional prices. A variation of Heckman's sample selection model was adopted to estimate factors affecting respondents' intentions to pay for additional prices, in which the probit model of intentions to purchase the clothing with alternative materials was used as a sample selection equation. While respondents were sensitive to the amounts of price increases suggested in the CV scenario, they expressed high acceptance and preferences for eco-friendly materials regardless of the microplastic emission-reducing levels. Consumers in the circular economy were willing to pay for the range of 41,000 to 51,000 won for a pair of clothing made with microplastic emission-reducing materials. In addition, as the microplastic emission-reducing rate has increased from 50% to 80%, the willingness to pay estimates were also significantly increased, ranging from 41,000~50,500 to 42,000~51,700 won.
Keywords
Microplastics; Acceptance and willingness to pay for microplastic emission-reducing clothing; Contingent valuation method; Circular economy;
Citations & Related Records
Times Cited By KSCI : 3  (Citation Analysis)
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