The “Made in USA” label has proven popular in China, according to The Star. In fact, Chinese consumers are willing to pay a pretty penny for American-made products.
A reported by Boston Consulting Group revealed that many Chinese folks believe products tagged with the label are higher in quality and much more durable than those made locally. In fact, 61 percent of surveyed consumers said they would pay more for US-made products for this very reason.
“If you’re going to have things that have a long life, like mechanics’ hand tools, there’s real premiums for ‘Made in USA’ over a foreign brand because the quality is better,” explained study co-author Hal Sirkin.
Market Watch reports that 50 percent of consumers in the country will choose the American-made product over the Chinese counterpart if the prices are similar.
The Boston Consulting Group surveyed 5,000 individuals from US, China, Germany, and France. Nearly 80 percent of these folks believe that products made in America are of higher quality than those who manufactured elsewhere.
“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 US but also in China,” Sirkin said.
Baby food, household appliances, tires, car parts, and furniture are just some of the items that consumers are willing to pay more money for if they’re manufactured in the United States.
However, Europeans are more interested in owning products from their own countries than the US. Over 65 percent of folks who live in Germany and France are willing to part with more money if the items they purchase are constructed nearby.
Are you surprised that the “Made in USA” label is popular in China? Are you willing to pay more for items that are made in the United States?