Some of the well-renowned luxury brands like Hermes, Louis Vuitton, Gucci, Adidas etc. have been facing the problem of counterfeiting across the world. Luxury products once available for the elite are now widely available for the rising middle class at slashed prices but mostly in the form of fakes. With the increase in globalisation consumers have become more brand conscious and people are spending a good amount of money on buying costly products. Along with this, the e-commerce market players are heavily investing in selling different kinds of luxury products on their platform.
The growing penchant for e-commerce, the intoxicating pop culture and the average young consumer base which is around 67% of India’s population has led to a massive rise in the demand for luxurious products.
According to trade reports, “Luxury Goods Market is expected to garner $429,762 Million by 2022, growing at a prominent CAGR of 3.9% from 2016 to 2022. Luxury goods are high-value products in terms of price and quality. These goods are mostly considered as status symbols for individuals.”
However, “The Global Brand Counterfeiting Report 2018 estimates that the losses suffered due to global online counterfeiting has amounted to 323 Billion USD in the year 2017, with luxury brands incurring a loss of 30.3 billion dollars through internet sales.”
The global luxury counterfeit market is growing with every passing day. With the availability of technology and poor regulation policies, counterfeiters have been able to develop new counterfeit products. China is a prominent hub of luxury counterfeit products and supplies it to different parts of the world.
From luxury totes to enticing ultra-luxury jewellery all things for the rich and famous are available for you now with ease but only in its duplicate form. The problem of counterfeiting of luxury items can only be eradicated with the use of combined digital and physical security and strict regulation.