UL, a world leader in advancing safety, announced the findings of its annual global study, The Product Mindset. Now in its third year, the study provides insights about the ways manufacturers and consumers think and feel about the products they make, sell, purchase and use. In reviewing a broader range of subjects this year, including supply chain issues and human health concerns, critical gaps between manufacturer and consumer priorities emerged. Additionally, this year’s study, based on respondents in the United States, China, India, Germany and Brazil, highlighted some of the characteristics of a more complex global marketplace. It found that while fundamentals such as quality, safety and innovation remain the most important factors driving behavior for manufacturers and consumers, a number of priorities such as transparency, health impact and outsourcing/country of origin are on the rise.
“The Product Mindset is the only global study of its kind and is an important tool for our customers,” said Keith Williams, chief executive officer, UL. “Our research provides insight into what we believe is a tremendous opportunity for businesses in the coming years. For example, in better understanding gaps in priorities, manufacturers can uncover new ways to engage consumers in a dialogue around how their products are made and sourced to provide greater peace of mind.”
Misalignment is occurring between the two stakeholder groups in what is expected or desired and what is being delivered. Highlighting these gaps helps to pinpoint opportunities for manufacturers to optimize their focus to better address consumer concerns.
The Product Mindset, looked into the differences between manufacturers and consumers in regards to eco-friendly production in major countries such as U.S., Brazil, China, India and Germany. The results were surprising:
· 40% of consumers agree that manufacturers are not doing enough in terms of environmentally friendly procedures or products
· Both consumers and manufacturers rate the environment as their second highest priority
· 72% of manufacturers agree that consumers will pay more for eco-friendly products, versus just 68% of consumers
· 90% of manufacturers agree the environment is becoming a more important factor