Products labelled ‘Made in Britain’ are more attractive to overseas consumers than those with no declared country of origin, a study commissioned by Barclays Corporate Banking has found.
The research found that 64% of consumers in new and emerging markets are more likely to buy a product displaying the Union Flag.
The research found:
- 31% of customers in new and emerging markets have knowingly paid a premium for British products
- 14% of consumers from developed economies have done the same
- individuals in new and emerging markets are willing to pay up to 7% more for products with a ‘Made in Britain’ label than those with no country of origin information
- at least 50% of respondents think British goods are ‘good’ or ‘very good’ quality.
Rebecca McNeil, head of business lending at Barclays Corporate Banking, said:
“Rather than focusing on seemingly saturated developed markets, exporters should seriously consider looking further afield as there are bigger premiums to be had when products are marketed as Made in Britain.”