Nicosia, Cyprus. Counterfeit goods in Cyprus cause losses of up to €63 million per year, according to new findings from the European Union Intellectual Property Office. The largest share, €49 million, comes from counterfeit clothing and footwear.
Sector losses in Cyprus
Counterfeit products that mimic the appearance of original branded goods have become widespread in Cyprus, EUIPO said. Estimated annual losses amount to another €12 million in the jewellery and watches sector and around €2 million in the handbag sector.
Consumer purchasing patterns
EUIPO said around 13 per cent of Europeans report having deliberately purchased counterfeit products. Among consumers aged 15 to 24, that figure rises to 26 per cent.
Wider impact across the European Union
In an analysis of EUIPO’s recent data, news website Politis said the fashion industry is estimated to suffer annual losses of €12 billion across the EU. It added that jewellery and watches account for an additional €2.7 billion in lost sales.
Role of product design
According to Politis, the EUIPO findings show the decisive role of product design in consumer purchases in the EU. The findings indicate that European businesses face increased risk from counterfeits, as 72 per cent of Europeans say product design is important when making purchasing decisions.
Younger consumers
Design appears to be especially important to consumers aged 18 to 24, with 80 per cent saying they are willing to pay higher prices for products with better design, particularly in the fashion and furniture sector.
