PwC says 80% will pay more for locally made
Research published by PwC has identified that 42% of respondents to its June 2022 Global Consumer Insights Pulse Survey believe that locally and domestically made products are of higher quality.
Eight out of ten individuals across the global sample indicated that they would be willing to pay more for these items, citing a desire to support their local economy (60%), shorter delivery lead times (42%), a wish to know where and how their purchases were made (38%), patriotism (35%) and a belief that buying articles made in-country would help lower their carbon footprint (33%) as among the reasons why.
Across all 9,069 respondents, who hailed from 25 countries or territories in total, environmental, social and corporate governance (ESG) factors were found to be more likely to influence the consumer behaviour of those located in India, the Philippines and Vietnam.
By contrast, these considerations were least likely to affect respondents based in Japan, France and Hong Kong.
Each individual ESG factor roughly impacted respondents’ trust and advocacy in the same way when shopping, according to the report, with around half indicating that companies’ known environmental, social or corporate governance principles “often” or “always” affect their purchasing decisions.
The data indicated that environmental considerations generally tend to lag behind social or governance issues when it comes to trust, the act of making a purchase and in recommending a brand or company to others.
However, businesses operating in a transparent manner were favoured by over half of respondents, PwC said, suggesting that transparency has emerged as a “major influencer”.
