72,000 jobs lost in the UK due to counterfeiting
NetNames - a CSC company and leading online brand protection specialist, today releases new research revealing the economic impact of counterfeiting on the global economy and global job market.
Working in partnership with the Centre for Economic and Business Research (Cebr), NetNames’ ‘The risks of the online counterfeiting economy’ report reveals that EU governments are losing up to €167 billion annually to counterfeiters
The global counterfeit market is estimated at $1.7 trillion. Businesses whose products are counterfeited lose out on sales due to consumers, often unwittingly, purchasing fake goods. As a result, governments lose out on taxes and up to 2.5 million jobs worldwide have been lost, including 72,000 in the UK alone.
The rise in the counterfeit economy has been fuelled by the increase in global trade. The growing volume of imports and exports in many countries makes it difficult for authorities to check shipments for counterfeited goods, whilst the increase in trade has also allowed counterfeiters to develop complex distribution networks which can help disguise the origin and prevent tracking of goods.
Stuart Fuller, Director of Commercial Operationsat NetNames, said:
“Whilst we know counterfeiting is an increasing global issue, this report clearly highlights the shocking economic impact it is having on markets across the globe. Counterfeiting is not only an economic issue, but also a health and societal issue – with dangerous counterfeit goods threatening the health of consumers, as well as the highly concerning link between counterfeiting and organised crime.
These findings must act as a further drive for global brands and enforcement bodies to work in collaboration to crack down on this illegal activity and protect the innovation and competition amongst businesses.”