‘Made in Britain’ branded items could see British exporters rake in an extra £3.5 billion a year as new research reveals international customers are still willing to pay a premium for them.
According to a new study from Barclays Corporate Banking, which interviewed 10,000 people across 10 key markets, products made in the UK are still held in high regard around the world.
Indian consumers lead the pack, and were reportedly willing to pay an average of 11.8 per cent gross premium on British-made products.
This was followed closely by the UAE, USA and China, which were willing to pay 10.9 per cent, 10.4 per cent and 8.8 per cent more respectively.
Two thirds of shoppers in India and China said they would be inclined to pay more for products emblazoned with the Union Jack as they believed them to be of higher quality.
Promisingly, 69 per cent of Indian shoppers and 64 per cent of Chinese shoppers said they are now buying more British goods than they did five years ago.
“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,” Barclays Corporate Banking’s global head of trade James Binns said.
“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.
“These consumers perceive British goods to be higher quality and better value for money, demonstrating international respect for UK-made products. As a result, we think there is opportunity for UK manufacturers to develop profitable new markets while also growing their existing export flows.”