Counterfeit products are sold all around the world. According to the Global Brand Counterfeiting Report, the global counterfeiting market will reach $1.8 trillion by the end of 2020. More than ever, people do their shopping online, and buyers need to be beware of scams and counterfeit items when shopping, especially for certain kinds of items.
In the last couple of years, sales of counterfeit and pirated goods have increased, and the industry now accounts for 3.3% of global trade, according to the Organization for Economic Co-operation and Development and the EU’s Intellectual Property Office. The global losses suffered due to online counterfeiting reached $323 billion in 2017, according to the Global Brand Counterfeiting Report.
Some industries are more affected than others. The shoe industry, for example, is hit particularly hard by counterfeiters. According to the OECD, 22% of the value of seized fake goods came from the footwear industry. In one 2019 raid alone, U.S. Customs and Border Protection seized almost 15,000 pairs of counterfeit Nike shoes — over $2.2 million worth of product had the shoes been genuine.
Clothing is the next most impacted industry at 16%, followed by leather goods (13%), electrical equipment (12%) and watches (7%). So if you’re planning to purchase a pair of shoes or any of these other items online, it’s important to know how to protect yourself from buying fake products.