As UK exports continue to thrive
New Barclays research shows the premium that international consumers are prepared to pay for ‘made in Britain’ labelled goods.
This was especially true for consumers in Asia and the Middle East (India, 67%; UAE, 62%; China, 61%), who have stronger associations of quality with Brand Britain. Younger people were also more swayed by the Union Jack – nearly half (48%) said this would encourage them to make a purchase, compared to a quarter (24%) of over 55s. In fact, this jumped to three quarters (73%) when looking at 25-34 year olds in China.
A £3.45bn opportunity for Brand Britain
An international survey of 8,060 people from eight markets (France, Germany, Republic of Ireland, India, China, UAE, USA, and South Africa) has uncovered the most coveted British goods abroad, and the premiums foreign consumers are prepared to pay for ‘Brand Britain’ products.
Food tops the list, with international consumers willing to pay 22 per cent more for food labelled as British-made. The fashion and automotive industries are also set to reap the rewards, with cars (10%), clothes (9%) and alcohol (9%) the items that international consumers most consider worth paying a price premium for, if they are labelled as being British made.