Overseas buyers prepared to pay premium prices for products made in Britain
A survey, conducted by Barclays Corporate Banking, of over 10,000 consumers in ten markets across Europe, Africa, the Middle East and Asia found that respondents are willing to pay premium prices for British-made goods. With the UK entering a new era on the international stage, post Brexit, it is very encouraging that Barclay’s research has highlighted a strong appetite for goods manufactured in Britain. For more details on this subject please read the bulletin below which was issued today by Insider Media Ltd.
Roger Mundy, Managing Director, Beardsley Theobalds, 11th March 2021
International buyers willing to pay premium for British-made goods - report
International consumers are prepared to pay a £3.5bn premium for British made products, according to research from Barclays Corporate Banking.
In an international study of more than 10,000 people across ten markets (US, Republic of Ireland, France, Netherlands, Germany, South Africa, UAE, India, China, South Korea), Barclays asked respondents how much extra they'd be willing to pay if products such as food and drink, clothing and cars bore a Union Jack kite mark.
Respondents in India lead the way, being prepared to pay an 11.8 per cent gross premium for products made in Britain, followed by the UAE (10.9 per cent), the US (10.4 per cent), South Africa (9.6 per cent) and China (8.8 per cent).
Two thirds (66 per cent) of consumers in China and India said they'd be inclined to pay more for goods displaying the Union Jack because they believe them to be of a higher quality. This is ahead of the survey's average of 39 per cent.
Of those who said they already paid more for British products, China led the rankings at 63 per cent, followed by India (60 per cent) and the UAE (56 per cent).
James Binns, global head of trade and working capital at Barclays Corporate Banking, said: "As the UK enters a new era on the international stage, our research highlights that there is strong appetite for British-made products all over the world.
"Most notably, it shows there is significant opportunity for growth in markets such as China, India and the UAE, which is timely when new trade routes are being opened up to markets further afield. While the EU and the US remain the biggest trading partners for the UK, there are considerable opportunities for British businesses to grow exports to less traditional markets."
Out of the £3.5bn of additional income identified for British exporters in the markets surveyed, £1.2bn would come from the US, £543m from France and £538m from Germany.