Made in USA label also popular in China, BCG survey saysBy Angel Cuala on Nov 15, 2012 in Asia, Business, Lifestyle, United States •
Items with label ‘Made in USA‘ are also popular in China, according to the latest survey of Boston Consulting Group (BCG), noting that more Chinese consumers prefer to buy items made in USA than those with ‘Made in China‘ label. The purpose of the survey, which was conducted last September, was to know their buying behavior.
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Image Credit: BGC.com
According to a press release by BCG on their official website on Thursday, November 15, 2012, they made a survey to over 5,000 consumers from U.S., China, Germany, and France, resulting to more Americans and Chinese consumers saying that they are more willing to spend their money to US products than their own.
As noted in the report, more than 80 percent of U.S. consumers said they will pay a premium for the Made in USA brand across a broad range of product categories, while more than 60 percent of the Chinese in the same survey had the same answer, with the premium considerably varying depending on the category.
Based on the survey, almost 50 percent of Chinese consumers prefer a product labeled Made in the USA over products with the label ‘Made in China‘ with equivalent price and quality. Before the survey, more than half of them have chosen U.S.-made products over cheaper Chinese goods at least once in the month.
In addition, around two-thirds of the U.S. consumers in the survey said they are willing to pay a premium for 10 key product categories that were tested, including baby food product, appliances, among others. In every category, BCG said at least 20 percent of U.S. consumers are willing to pay a premium of more than 10 percent.
“These findings suggest that there’s a big opportunity for manufacturers and retailers to command a price premium by promoting the Made in USA brand—not only in the U.S. but also in China.” Harold Sirkin, a senior partner with BCG and co-author of the study, was quoted in a statement at BCG.com.
“Retailers may want to adjust their strategies to capitalize on the strong consumer interest.” Sirkin added, with the survey being part of their ongoing study of the changing global economics of manufacturing and their Made in America, Again research series they started back in 2011.
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