‘Brand Britain’ boosts businesses

Products labelled ‘Made in Britain’ are more attractive to overseas consumers than those with no declared country of origin, a study 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 when it displays the Union Flag.

The study was conducted by the Centre for Economics and Business Research and combined a survey of more than 7,500 people with export data from the Office for National Statistics.

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 declared country of origin
  • 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:

“While British businesses are currently reliant on the EU and the USA for the majority of their exports, they are well placed to expand into new and emerging markets. The report shows that the biggest premiums for British branded goods will be paid in these markets, not the developed markets. These new and emerging markets are also growing at a faster rate than the established trading partners, meaning growth opportunities and premium pricing are aligned.”

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