A little sticker is helping British-made products to make a big splash abroad.
That sticker displays three words which are seeing overseas consumers pay for more for their produce. Those words are 'Made in Britain'. New research by Barclays Corporate Banking has found that food and drinks products donning a 'Made in Britain' sticker can command a higher spend from shoppers abroad compared to those saying that they are made in England, Scotland or Wales.
Findings from the Barclays survey notes that if British exporters brand their products accordingly they could be tapping into a £2.1 billion market spread across eight countries. Barclays Corporate Banking's head of business lending Rebecca McNeil highlighted nations such as the US, France, Germany, Ireland, Brazil, South Africa, China and Qatar as the key markets British exporters need to target.
Ms McNeil said: "We understand that these new markets can be more challenging to enter but for those that persevere, there are opportunities for a greater return.
"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."
The British brand has been seen as a key selling point across the globe. Barclays found that 64 per cent of consumers were happy to pay more for British products with 31 per cent of saying they had knowingly paid a premium for products from the UK, compared to just 14 per cent from other developed economies.
Purchasing 'Made in Britain' added a premium to many shopping baskets across the world. The research found that these products were highest for food and fashion in Qatar (£0.46 and £1.26 respectively), for alcoholic drinks in the US (£0.42) while South Africans paid an extra £1,004 for British-made automobiles.