The TÜV SÜD Safety Gauge is a market research study investigating the awareness, understanding and importance of product safety issues among onsumers and businesses.
The research draws attention to the fact that although the importance of product safety has increased in the eyes of consumers, the business community believes enough has been done to ensure product safety. This finding is borne out by the fact that the business community reports greater confidence in product safety compared with findings from the 2012 research study.
Further investigation reveals that despite greater business confidence, consumers continue to experience safety issues. Approximately 2 in 3 consumers experienced product safety issues in the last 5 years. In addition, the proportion of consumers experiencing product safety issues remains constant since 2012 across all countries.
Given that the business community is reporting a lower cost to ensure safety while more consumers are willing to pay a premium for safe products, there appears to be an opportunity for businesses to increase product safety with a neutral impact on profits and for consumers to have access to products with improved product safety standards.