Overseas shoppers would pay premium for UK fashion - Barclays study
UK fashion brands and retailers have a major global opportunity with a new report suggesting that international shoppers would be prepared to pay over 20% more for British goods and almost 10% more for UK-produced fashion.
Consumers around the world have a positive image of Made in Britain and a Barclays study said that clothing is one of the categories where they think British represents quality worth paying for.
The report said that overall, the UK could generate an extra £3.45 billion in revenue annually by marketing the Britishness of certain products more effectively.
The big opportunity is in premium-priced goods with a survey of over 8,000 consumers in France, Germany, the Republic of Ireland, India, China, the UAE, US and South Africa highlighting a positive view of ‘Brand Britain’.
While food is the category for which people would pay the biggest price premium (22%), the survey showed they would pay 9% more for British-made clothing.
That’s at at time when overall demand for UK-made goods generally is rising. The survey showed 36% of the 8,000 consumers saying they now buy British more often than they did five years ago.
And 39% of survey respondents said they would be more likely to buy a British product if it displayed a Union Jack. The UK flag would prove particularly popular in Asia and the Middle East with 67% of Indian consumers choosing it, 62% from the UAE, and 61% of Chinese consumers.
Baihas Baghdadi, global head of trade and working capital at Barclays, said: “Brand Britain continues to have widespread appeal abroad. Our research shows that some of the biggest opportunities lie in emerging markets, where British craftsmanship is most valued. The prize is substantial, and exporters should be looking to highlight the provenance of British products to take best advantage.”
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