Interesting Facts and Figures from the UL Product MindSet

UL* (a safety science company) just released a new annual study on Navigating the Product MindSet — which resulted from quantitative interviews with 1,195 manufacturers and 1,235 consumers across a range of export and import markets in high-tech, building materials, food, and household chemicals — that had some interesting facts and findings that we should all be aware of. These include:

  • On average, manufacturing companies rely on more than 35 different global contract manufacturers to create a single product.
  • In the US, 50% of medical devices, 80% of medication ingredients, 75% of seafood, and 60% of fruits and vegetables come from other countries.
  • In the last year, global trade flows increased:
    • 12.9% in developed economies
    • 16.7% in developing economies
  • Per person, Chinese consumers are outspending US consumers 3 to 1 in High-Tech purchases
  • 81% of Chinese consumers would buy more green products if environmental claims could be substantiated
  • The majority of manufacturers believe they are ahead of the curve in:
    • safety (97%)
    • reliability (97%)
    • sustainability (94%)
    • innovation (89%)
  • The majority of manufacturers believe their quality and on-time delivery are the best-performing aspects of their supply chain with
    • 79% claiming consistent product quality
    • 71% claiming on-time product delivery
  • While 49% of manufacturers believe that product reliability & product safety are key factors in effective global competition, only 9% believe that designing sustainable products is a key factor (and only 8% believe operational sustainability is a key factor).
  • Only 31% of manufacturers consider environmental products to be profitable
  • 50% of manufacturers will increase sourcing from other countries

The Top 10 Export Markets are:

  1. USA
  2. China
  3. Germany
  4. Japan
  5. France
  6. UK
  7. Netherlands
  8. Italy
  9. South Korea
  10. Hong Kong

The Top 10 Import Markets are:

  • USA
  • China
  • Germany
  • Japan
  • UK
  • France
  • Italy
  • South Korea
  • Netherlands
  • Canada

So what does all this mean? Our next post will reflect on these findings.

* Underwriters Laboratories Inc.