Domestic Production

Do you care where your products are made? Do you even think about it? For many Americans, there is a trend of nationalism that drives the want for U.S. made products. According to Consumer Reports, 80% of Americans would rather buy domestic products. 6 in 10 of those same people would be willing to pay a 10% premium for domestic products.

Break down of consumers by Consumer Reports.

So what does this mean exactly? Should we charge American consumers 10% more just because they might be willing to pay for it? No. However, it can be used to decide if the cost of domestic manufacturing is worth it. A little extra money spent "in house" could yield some large profits. Being a domestic company can be a selling point to the majority of your potential clients. This is a trend that many large companies are catching on to:

"Walmart, the nation's largest retailer, earlier this year announced it will boost sourcing of U.S. products by $50 billion during the next 10 years.General Electric is investing $1 billion through 2014 to revitalize its U.S. appliances business and create more than 1,500 U.S. jobs."

While I do believe that international trade is necessary and beneficial, I believe it is a civic duty to buy domestic when possible to support the American economy. However, just because it is an American company does not mean their products are manufactured domestically. When you pay for the next iPhone, be mindful that many of Apple's products are made in China.