Consumer perception of the importance of product safety
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.
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.
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.
Product safety in the eyes of business and consumers
Business perception of the importance of product safety
What can the industries do to improve safety levels?