FACTS
-
Lifestyle Products like Watches, Sunglasses, Toys and Fragrances suffer severe counterfeiting. Increase in Counterfeiting is due to, Globalization, evolving technology and high profitability, from $650 billion in 2008 to $1.2 trillion by 2017 and expected to be $1.82 trillion by end 2020
From Clothing, Footwear, Cosmetic to Handbags and Watches. 98+billion is the estimated losses due to Counterfeiting of high end consumer goods majorly from clothing, textile, footwear, cosmetic, handbags and watches
-
Mechanical products from Nuts and Bolts used in construction, Aero plane /Helicopter parts, Industrial hoists, hand tools, brake pads, spare parts play a vital role in today’s fast moving and automotive space.
Fake versions of these products and many more could cause dangerous risks to safety and life.
These products drain economic lifeblood by robbing legitimate manufacturers and retailers of sales and reducing the needs for suppliers, shippers and other manufacturing support. Lower sales might also result in job cuts. Enough to put, about 750,000 jobs are lost in US every year because of counterfeiting and piracy.
$225 billion is the cost of counterfeiting and piracy to the US economy every year. 2.3 trillion, Global economic value of automobile spare parts counterfeiting by 2022
-
75% of fake goods are from China and Hong Kong followed by Turkey, Singapore and Germany who all accounted for a low single digit share of global customs seizures.
24% of the total value of products seized by customs around the world are from US, with French, Italian and Swiss companies also heavily affected.
