As UK exports continue to thrive, new research by Barclays shows the premium that international consumers are prepared to pay for ‘made in Britain’ labelled goods.
An international survey of 8,060 people from eight markets (France, Germany, Republic of Ireland, India, China, UAE, USA, and South Africa) has uncovered the most coveted British goods abroad, and the premiums foreign consumers are prepared to pay for ‘Brand Britain’ products.
Food tops the list, with international consumers willing to pay 22% more for food labelled as British-made.
The fashion and automotive industries are also set to reap the rewards, with cars (10%), clothes (9%) and alcohol (9%) also considered worth paying a price premium for.
Overall foreign demand for British-made products is up a third, with 36% of people in the global study agreeing they are buying more British products than they were five years ago.
As Britain prepares to negotiate fresh trade deals abroad, the global research from the banking giant reveals two fifths (39%) of international consumers would be more inclined to buy a product if it displayed the Union Jack.
This was especially true for consumers in Asia and the Middle East (India, 67%; UAE, 62%; China, 61%), who have stronger associations of quality with ‘Brand Britain’.
Also produced as part of the Barclays Brand Britain: Export Opportunities for UK Businesses report, economic modelling shows the tangible benefits of this positive perception abroad. It suggests that an additional £3.45bn could be generated in revenue by deploying targeted marketing focused on the provenance of British products.
Baihas Baghdadi, global head of trade and working capital at Barclays, said: “Brand Britain continues to have widespread appeal abroad, demonstrating the continued scope for UK businesses to trade successfully overseas.
“The picture continues to look positive for Britain’s exporters, with international consumers going out of their way to buy British. Our research shows that some of the biggest opportunities lie in emerging markets, where British craftmanship is most valued.
“The prize is substantial, and exporters should be looking to highlight the provenance of British products to take best advantage.”