A new study shows that US consumers have less incentive to spend in the United Kingdom than in other countries, especially if the destination is an international market like China.
The research was commissioned by the UK Chamber of Commerce and the US Chamber of Industry.
It’s called the Business in the UK 2020 Study and is the first to look at how much people want to spend there versus in other markets.
It found that in 2016, only 14% of UK consumers said they would spend more than they did in their home country.
In contrast, a full 77% of American consumers said the same.
This has an impact on how consumers behave in the market and what they spend.
“For a lot of consumers, it’s not a priority because it’s an expensive country, so it’s less important to them,” said Michael Hiltzik, the head of the research and policy practice at the Business In The UK 2020 group.
He added that the findings also suggest that the UK’s international trade is not growing fast enough.
Hiltik also said that it’s important to keep in mind that the United States is still one of the world’s top three markets for US companies.
He cited the fact that it now has an $80 billion export trade deficit with China, the worlds second-largest economy.
“The US remains the world leader in trade with China,” he said.
“So, it is a significant market, and if we’re not growing, that is going to affect how we compete and how we will be able to compete with the Chinese.”
US firms still a priority in UK For Hiltika, this has a negative impact on the UK market, since they’re still the only major exporter in the EU, with the UK remaining the main market for most of the European economy.
He said that a large percentage of the UK population is still reliant on the US for most goods and services.
“It’s the only country in the world that has that huge market for products, services and investment,” he explained.
“That’s a huge part of our economy, and we’re really reliant on that market.”
Hiltizza added that this also has an effect on how the UK behaves internationally, because it does not export much of its goods.
The UK has a very low share of its economy in international trade, with just 3.6% of GDP in international exports, compared to 24% in the other 28 countries in the European Union.
That means that the US is still the largest export market in the country, with a market share of only about 2.5%.
“We still have a lot more to do to improve our competitiveness in the international market, but the UK is the main destination of most of our export products and services,” Hiltizk said.