TUV SÃœD (hereinafter referred to as TUV SUD) has released a global independent study. The study found that Chinese consumers are more willing to pay higher prices for safe products than they did five years ago, which means that companies' attention to product safety will bring huge opportunities. The study, entitled "TUV SÃœD Consumer Product Safety Report" (hereinafter referred to as the "Report"), suggests that enhancing the safety of products not only benefits consumers but also positively promotes business success. The study conducted in-depth research into consumer experiences and attitudes toward food, baby products, consumer electronics and footwear. This is also the second time that TUV SUD has released the survey since 2012.
Chinese enterprises and consumers have significantly increased their awareness of product safetyThis global survey selected several first-tier cities in China, Germany, India, and the United States as samples, and the four countries accounted for nearly half of the world's total (47%). The results of the survey are based on more than 7,000 valid consumer questionnaires and 600 corporate executive surveys covering industries including baby products, consumer electronics, food and footwear.
According to the Report, Chinese consumers are paying more and more attention to product safety. Sixty-three percent of the Chinese consumers surveyed said that product safety is now very important to them, and in 2007, the number of people holding this view was only 53%. The study speculates that the number of people holding this view will continue to grow. By 2021, it is expected to grow to 68% in China, and on average it will grow to 65% worldwide.
It is worth noting that Chinese companies' safety awareness of products ranks first among the four countries surveyed, from 72% in 2012 to 93% in 2016, followed by Germany (80%) and India (62%). ) and the United States (62%).
Figure 1
Consumer focus on product safety focuses on both physical and chemical propertiesDespite the company's confidence in product safety, consumers still encounter product safety issues to varying degrees. 65% of Chinese consumers surveyed said they had experienced product safety issues in the past five years, a percentage that has not changed significantly over the past five years. Among the four countries surveyed, respondents' most concentrated responses included allergic reactions (28%), sharp edge cuts by products (27%), and injuries due to product design flaws (20%). The survey also showed that consumer concerns about product safety are largely related to chemical composition safety, product materials or ingredient types, and compliance. Respondents are particularly concerned about the safety of chemical ingredients in the three areas of baby products, food and footwear.
An interesting phenomenon is that cybersecurity has not become the main focus of respondents.Ishan Palit, CEO of TUV SUD Global Product Services, said: "These findings show a cognitive difference between industry awareness and consumer focus. Consumer focus on product safety focuses on physical and chemical components. , probably because physical and chemical components are the main reason for the recall of the product. This also conveys a clear message to the company - the risks associated with the physical and chemical composition of the product, and still the current consumer concern for product safety. focus."
Improve product safety can help companies gain competitive advantageGlobally, the cost of ensuring that products meet safety standards is on the decline. This is most evident in the Indian market. In India, the net increase in average production costs in 2016 fell from 22% in 2012 to 10%. Companies generally say that the three main reasons for their increased product safety investment are: consumers' willingness to pay, global market access needs and their industry leadership.
Most consumers said in the survey that they are willing to pay a higher price for products that meet safety standards if they are certified by a reliable independent third party. In China, the proportion of consumers willing to pay higher prices for products has reached 93%, far exceeding 75% in the US and 71% in Germany. From the perspective of specific product categories, the conclusion remains the same. Baby products are products that consumers are willing to “spend high prices and buy safetyâ€. The proportion of such consumers is as high as 90%. Among them, Chinese consumers are the main force in pulling up this proportion, reflecting the Chinese consumers’ Special attention is paid to the safety of baby products.
Figure II
In response to this trend, Mr. Bai Yishan said, “The results of the study have sent a positive signal to the company – further improving their product safety and optimizing costs. At the same time, companies can also make investment judgments on products with higher safety quality, ie These products not only gain consumer recognition, but also increase the added value of the product."
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