Manchester, New Hampshire (PRWEB) January 07, 2014
The Economic Impact Rating -- a third-party rating offering verification, measurement and certification of products, so consumers can see just how "Made in the USA" or "local" a product really is -- says the "made in china" fiasco surrounding the U.S. Olympic Committee’s fundraiser for the 2014 Winter Olympic Games could have been avoided.
"Consumers are willing to pay for 'Made in the USA'-- they just want to know that their money really is staying in America's economy. It's possible to be both 'Made in the USA' and profitable", says Economic Impact Rating creator Anthony Comito. "The issue is nobody is verifying 'Made in the USA' or 'Local' marketing claims-- or measuring just how 'Made in the USA' or 'Local' a product really is-- this is an information gap we're looking to fill."
Two years ago, in a similar fashion, ABC World News and their Made in America team discovered the U.S. teams' uniforms worn at the opening ceremonies, made by Ralph Lauren, were produced in China.
Following scrutiny by Congress, the U.S. Olympic Committee pledged to make all future team uniforms in the United States, according to Erin McGlaughlin of ABC News.
Ralph Lauren has been under contract with the U.S. Olympic Committee since 2008.
“Ralph Lauren and the U.S. Olympic Committee could do some simple things to remove the shadow over their respective images,” adds Robert J.S. Ross of the Los Angeles Times. “The company could disclose the locations where the Olympic teams' clothing is made.”
80% of consumers are willing to pay 10% or more for domestic or local products, according to a study by the Boston Consulting Group. “These reports show consumers want to support local economies with informed purchases,” adds Comito. “With the right information, we can support both the US Olympic team, domestic businesses and our economy by choosing products with a high economic impact.”
The Economic Impact Rating's goal is to make being an impactful company profitable, by giving consumers the information they need to support such companies. The rating is a third-party rating system showing consumer, on a 5-star scale, how much of a product's price-tag is being captured in an area. For more information, follow them on Twitter or on Facebook.