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Online sales giving counterfeit sales a boost (Episode 1)
Even though more and more counterfeit products are being seized at customs all the time, and despite the boom in digital certificates for luxury products, counterfeit sales remain a growing problem in the luxury sector. Even more worrying: purchasing fake products online is actually appealing to the younger generations.
$500 billion
The value of counterfeit goods
50%
The increase in the number of fake products seized in Europe in 2019
54%
Internet users who plan to buy a counterfeit product
Despite decades of efforts and investment, luxury brands are still struggling with the scourge of counterfeit products. In fact it’s a problem that has actually increased in recent years, with the rise in popularity of e-commerce. Another cause for concern is that young people – the brands’ future customers - seem to be as attracted to fake products as the last generation of consumers. This is the conclusion that can be drawn from the latest report released by the British company OnBuy. The report also shows that counterfeiting activities have moved from street hawkers to online sales platforms. The most sought-after brands are Balenciaga, Hermès, Versace, Burberry and Prada – in this order. Finally, of the 4,300 people surveyed by OnBuy, 22% admit to owning counterfeit products and 54% plan to buy one in the coming months.
The kids love the fakes
Jürg Herren, Vice President of the Swiss association Stop Piracy, is not surprised by these figures. “The market for fakes is growing steadily and is spreading to all sectors and product categories. In the luxury goods sector, Swiss companies and the watch industry are particularly hard-hit compared to others internationally,” he says.
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