- CITY AM - Mar 11, 2021 -
In a boost for Brexit Britain, a global survey of consumers showed marketing UK exports as ‘Made in Britain’, could grow export receipts by £3.5bn.
With further trade deals on the horizon, British exporters have the opportunity to add value to their businesses, through boosting exports to nations where British products are desirable, according to a research by Barclays Corporate Banking.
In a global survey of 10,000 people respondents were asked 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.
Indian respondents said on average they’d pay an 11.8 per cent mark-up for products made here.
Other nations willing to pay a premium for products bearing a Made in Britain stamp include South Africa, the US and the United Arab Emirates – each willing to offer 9.6 per cent, 10.4 per cent and 10.9 per cent in gross premiums respectively.
The world’s most populous countries also singled out UK-made products as being of higher quality. Two thirds 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.
The survey average was 39 per cent of respondents who had a British-is-best attitude.