Right-Sized Consumption: Should Doughnut Economics Inform the Textile and Apparel Industry?
Received Date: September 01, 2021; Published Date: September 13, 2021
One of the toughest challenges the textile and apparel industry faces is how to Right-Size Consumption in a way that supports our environment while at the same time sustains profitable businesses. Companies are scrambling to find the right balance that meets this consumer shift while at the same time endures the demands of shareholders in a capitalist marketplace. Right-sized consumption is embedded in important economic, political, and social issues. Major corporations measure their success by stock market performance and constantly strive to sell more and more so that shareholders are happy. On the other hand, consumers are moving away from excessive consumption behavior to a more mindful approach that honors substance and sense of purpose . As this shift occurs, a new economic model needs to be considered that allows businesses to flourish in an environment where sustainability becomes more important than quantity of sales. The purpose of this concept paper is to inspire a discussion on how ITAA scholars can begin to develop an economic model of sustainability where environment, economics, and humans not only co-exist- but thrive.
Keywords:Consumption; Sustainability; Behavioral Economics; Capitalism; Textiles; Apparel