According to a survey conducted by Barclays, the “Made in Britain” label holds significant value and can add £3.5 billion to the annual revenue of UK exporters, especially in the fashion industry. The survey also found that UK-made fashion products are highly regarded for their quality. Premium international consumers, particularly in India, the UAE, and China, are willing to pay more for products originating from Britain due to their association with superior quality.
The survey involved more than 10,000 participants from ten different markets who were asked about their willingness to pay a premium for products displaying a Union Jack kite mark, including clothing, food and drink, and cars. The results showed that consumers in India were willing to pay 11.8% more for UK products, followed by the UAE (10.9%), the US (10.4%), South Africa (9.6%), and China (8.8%). Importantly, 66% of consumers in China and India expressed a willingness to pay more for products displaying the Union Jack due to the perceived higher quality. This percentage is significantly higher than the survey average of 39%.
These findings are further supported by the number of consumers who have already paid a premium for British products. China leads with 63% of consumers, followed by India (60%), and the UAE (56%). Additionally, 69% of consumers in India, 64% in China, and 64% in the UAE reported an increase in their purchases of British products compared to five years ago.
When it comes to specific product categories, British food products commanded the highest gross price premium at 11.7%, followed by alcoholic beverages at 11.2%, homewares at 10.4%, and UK fashion at just under 10%.
James Binns, Global Head of Trade and Working Capital at Barclays Corporate Banking, highlighted the global demand for British-made products. He emphasized that although the EU and the US are the UK’s primary trading partners, there are significant opportunities for British businesses to expand their exports into non-traditional markets.
To conclude, the “Made in Britain” label adds billions to the UK economy, with the fashion industry benefiting greatly from its association with quality. With increasing demand from markets like India, the UAE, and China, British businesses have the chance to explore new markets and expand their global exports. As the UK enters a new era on the international stage, this research underscores the strong demand for British-made goods worldwide.
