Safety Gauge 2013: Consumer Findings

High consumer demand for products with greater safety levels

The research findings indicate that consumers are becoming more discerning when it comes to product safety and are expected to be the main driving force for increased safety levels. The main push factor is contributed by consumers' experience of safety incidences. The high consumer demand can be seen from the percentage of participants who are placing increasing importance on safety and their willingness to pay a premium for products that display exemplary safety standards.

51% of consumer respondents said that they can recall specific experiences with unsafe products in the last five years. Across all markets, cuts from sharp edges of a product (24%), allergic reactions (21%) and injuries due to faulty product design (18%) are the most common cited product safety incidences

Consumer concern around product safety is mounting, with 63% of those surveyed stating that product safety is very important to them now, up from 47% in 2007. This trend is expected to continue positively in the next 5 years as 68% of consumers said that product safety will remain a very important purchase criteria.

The age of Internet offers convenience of shopping with just few clicks, but presents more safety concerns to more than half (57%) of respondents as compared to the same purchases made in stores.

Majority of consumers place a high value on product safety. On average, 77% of consumers are willing to pay premium, averaging 16% over regular selling price, for products which display exemplary safety standards which are verified by a credible, independent third-party. The average premium for children's products (18%) is the highest among the segments studied.