According to the analytics firm Ghost Data Instagram has become a breeding ground for the sale and purchase of knockoff fashion products. This includes counterfeit Chanel bags to fake Gucci slides and duplicate Adidas tracksuits. As per a study published in April, around 20% of the Instagram posts on fashion products are about fake products.
The report has identified more than 50,000 accounts involved in the sale of fake products which has increased by 171% from 20,000 accounts in the year 2016. These counterfeit fashion accounts majorly include the knock offs of luxury fashion products. The accounts have added more than 65 million posts on Instagram and their activity averages to 1.6 million Instagram stories in a month.
The overall business of counterfeit industry is a whopping $1.2 trillion annually. The online counterfeit market has caught the attention of the US government and authorities like the Department of Homeland security and Commerce and other authorities which will be involved in fighting the sale of fakes.
According to Ghost Data, some of the most counterfeited brand items on Instagram are Louis Vuitton, Gucci, Chanel, Nike, Fendi and Balenciaga. The sale of such knock-offs not just affects the brand’s profit but also adds to other illegal activities.