Cyprus records €63m in losses from counterfeit goods
Counterfeit goods in Cyprus cause losses of up to €63 million per year, with the majority, €49 million, stemming from counterfeit clothing and footwear, according to new findings from the European Union Intellectual Property Office (EUIPO). Counterfeit products that mimic the appearance of original branded products have become a widespread phenomenon in Cyprus, with another €12 million estimated in the jewellery and watches sector and losses of around €2 million in the handba
Cyprus is experiencing significant financial damage due to counterfeit goods, with annual losses estimated at €63 million. The fashion sector, particularly clothing and footwear, accounts for the largest portion of these losses, amounting to €49 million. The jewelry and watch industry also suffers substantial losses, estimated at €12 million, followed by the handbag sector with approximately €2 million in damages.
Across the European Union, the problem is widespread, with about 13% of consumers admitting to purchasing counterfeit items. This figure nearly doubles among younger individuals aged 15 to 24, reaching 26%. The EUIPO highlights that product design plays a crucial role in consumer choices, making European businesses particularly vulnerable to counterfeit products.
These findings underscore the substantial economic impact of intellectual property theft on businesses and highlight the importance of design in consumer purchasing decisions, especially among younger demographics.
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