People like and do not like fake products due to a variety of reasons. While the market for counterfeits is big, the general consensus appears to be mixed. Some companies have started to issue QR codes, labels, and identification marks to make it difficult for counterfeiters to cheat people. Brands need to work on educating consumers and make it easier to identify authentic products. However, unfortunately, not everyone who buys a fake product is aware of it being fake as some sellers deceive consumers and offer replicas in the name of genuine products.Ĭonsumers are not always aware of the ways to identify a real product, which can leave them robbed. As a result, consumers (especially young consumers) have turned to fakes, and huge fashion replica communities have appeared on Reddit. According to this study, social pressure can force people to buy fakes.īuyers attempt to possess something that is not widely available but most of them cannot afford it. In most cases, it is the exclusivity that attracts them. Get actionable tips to start protecting your brand and revenue today Why People Purchase FakesĬonsumers purchase fakes due to a variety of reasons. Luxury brands are the biggest victim including big names like Rolex, Louis Vuitton, and Gucci. While China is said to be the largest manufacturer of replicas, they’re now being produced in other countries as well including India, Pakistan, and Mexico. Clothing appears to be the most counterfeited product followed by cosmetics and personal care, watches and jewelry, handbags and luggage.The fashion industry lost more than $50 billion in 2020 due to the sale of fake products.Instagram appears to be extremely famous among counterfeiters and posts featuring fake luxury products have nearly tripled in the last three on the platform.According to Ghost Data, about 20 percent of fashion products advertised on social media platforms are fake.The global counterfeiting industry is expected to hit the $4.2 trillion mark by 2022.Fake products can result in health hazards, loss of image, and slow growthīefore moving ahead, let’s have a look at some stats that highlight the current situation:.Marketplaces such as Amazon and Facebook are working to prevent the sale of counterfeit products.Fashion products such as clothes and shoes are among the most replicated items.Counterfeits cause huge losses to both buyers and sellers of original products.In a digital era, what effect does counterfeit have on the fashion industry? We will take a look at both social and economic consequences. Fashion forgers have as long a history as modern fashion, which can date back about 150 years ago. Unlike other industries, it is a lot easier to fake fashion products: counterfeiters just copy-paste the look and put the brand’s name on it. CHECK OUT THE COUNTERFEIT REMOVAL PLAN AVAILABLE FOR YOU
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March 2023
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