Posted to News on 21st Feb 2018, 00:00
International consumers prepared to pay up to 22% more for British goods
As Britain prepares to negotiate fresh trade deals abroad, new global research from Barclays Corporate Banking 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. Younger people were also more swayed by the Union Jack - nearly half (48%) said this would encourage them to make a purchase, compared to a quarter (24%) of over 55s. In fact, this jumped to three quarters (73%) when looking at 25-34 year olds in China.
Produced as part of the Barclays Brand Britain: Export Opportunities for UK Businesses report, economic modelling shows the tangible benefits of a positive perception abroad. An additional £3.45 billion could be generated in revenue by deploying targeted marketing focused on the provenance of British products.
While the modelling focused on eight key countries, the rewards could be multiplied still further if other markets were to be factored into the analysis.
