•Product safety is more important to consumers than a well known brand.
•Consumers are willing to pay a 16% price premium for products whose safety has been independently verified by a credible, independent third-party as exceeding applicable government safety standards.
•Unsafe Products: 50% consumers had an experience with an unsafe product in past 5 yrs.
•Product Recalls: More than 2/3rds of consumer electronics companies (73%) had a recall in past 5yrs and 22% had more than 20 recalls.
•There is significant concern for the safety of consumer electronics, more so than food or toys.
•90% of consumers rate third-party testing as important or VERY important.
•84% of management believes product safety issues existing in the consumer electronics industry
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