New research undertaken by Barclays Corporate Banking has revealed that international customers will pay more for products carrying a "Made in Britain" label. The firm estimates that UK exporters could increase their revenue by more than £2bn.According to the survey, 64% of new and emerging markets are more likely to buy products that have the Union Flag. In the same markets, 31% of customers have already knowingly paid a premium for British produce. Just 14% of customers in developed markets, though, said the same thing.Barclays combined ONS export data in their findings, surveying 7,610 people across eight key export markets. The markets were pinpointed to establish how much customers would be willing to spend on items marketed as made in Britain.The following infographic highlights figures from the report indicating the average willingness to pay.Average willingness to pay | Create InfographicsHowever, brands advertised as made in England/Scotland/Wales yielded lower except for the alcoholic beverage sector where "Made in Scotland" pulled in higher premiums, particularly in Ireland and the US.In all countries, at least 50% believed British goods are of "good" or "very good" quality. The UK exports most of its produce to the US, which this report claimed would be willing to pay £0.8bn more with the added label.Rebecca McNeil, head of business lending at Barclays Corporate Banking, emphasised that UK exporters should take note of the findings.She said: "Rather than focusing on seemingly saturated developed markets, exporters should seriously consider looking further afield as there are bigger premiums to be had when products are marketed as Made in Britain."
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