Made in Britain label ‘nets £3.5bn premium for UK goods’
- Credit: Anthony Cullen
British made products are making their mark abroad with consumers willing to pay a good deal more for UK provenance, research by Barclays Bank suggests.
A study carried out by Barclays Corporate Banking suggests international customers are willing to pay more for goods that are made in Britain — netting up to £3.5bn a year in price premiums.
Consumers in India, United Arab Emirates (UAE) and China were prepared to pay the most — and British food and drink makers are able to charge the highest premiums, it found.
The international research surveyed more than 10,000 people across 10 markets including the US, German and France.
Consumers in populous, far-flung markets are prepared to pay most for British-made goods. Those in India lead the way, being prepared to pay an 11.8% gross premium for products made here, followed by the UAE (10.9%), the USA (10.4%), South Africa (9.6%) and China (8.8%).
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Andy Wood, chief executive of Southwold brewer Adnams, said the footprint of the Suffolk drink brand continued to grow and its beers, spirits and wines were now sold in more than 30 countries.
“The combination of being an established British coastal business that is purpose led and values driven, who uses local producers and has our proven sustainability credentials is a compelling differentiator in existing and new markets around the world,” he said.
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“Being part of the Britain is GREAT campaign allows us to reach new audiences and raise awareness to our distinctive products – in the digital world, we are able to share our stories and grow demand in countries thousands of miles away, from our forever home of Southwold in Suffolk.”
Stephen Ainsworth, head of mid corporate at Barclays Corporate Banking in the eastern region, said British goods were associated with quality and value for money.
“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,” he 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 European Union and the United States 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.”