EU IPO issues counterfeit warnings

As the gifting season draws close, the purchase of goods, especially online, hits a year high.

With more and more people looking for the perfect gift for their loved ones, the window of opportunity for counterfeiters to sell goods to customers in place of the genuine goods grows rapidly.

While customers may be happy with the little saving they made at the time, the sale of counterfeit goods over the genuine goods has a damaging effect on the industry and the Government.

The European Union Intellectual Property Office has released a statement expressing the true impact of counterfeits. The report conducted revealed the following results:

  • 7.4Â % of sales in nine sectors are lost due to the presence of fakes in the market
  • Clothes, toys, sports goods, jewellery, handbags and music are among the sectors worst affected
  • Government revenue lost as a result of counterfeiting and piracy is estimated at EURÂ 14.3 billion.

It is important that consumers understand the true impact of their purchase, the loss of sales quoted above translated to the loss of approximately 500,000 jobs across the clothing, toys, sports goods, jewellery, handbags and music industry in the EU.

Not only will this have an effect on these industries but there will be a knock on effect to other linked industries.

We urge you to take care when making purchases and ensure that the gifts to those you want to spoil this Christmas are from genuine sources.

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