Luxurious brands are loved all over the world over for what they provide the consumer: status and style. Moreover, everything from a BMW to a Burberry ensures that you get the best quality product available in the market. However, Luxury always comes with a hefty price. So, if one cannot afford opulence, should one fake it?
Counterfeit luxury goods market is growing faster than the original one. If you only consider India, local market for fake luxury labels, including handbags, watches, sunglasses and perfumes, is growing at twice the growth rate of genuine luxury products. According to a report by Associated Chambers of Commerce and Industry of India (Assocham), the sale of fake products are growing at 40-45% from the current Rs.2,500 crore. Moreover, the market is expected to grow by Rs. 5,600 crore by 2015. The report also suggests that globally the fake luxury products market comprises about 7% of the total luxury market having value of more than $22 billion of the global luxury industry valued $320 billion.
However, fake luxury products in India accounts about 5%of total luxury product. Over 80% of the entire imitation luxury products in India come from China, and the lack of transparency on line market and easy access to products is driving consumers to buy fake products.
Demand for fakes is a manifestation that aspiration of a product does not meet affordability of the same. Affordability aside, the desire to have “the real thing” also plays a part in shoppers’ willingness to pony up. However, is it important to just show –off the design or is it about experiencing good quality products, which define luxury. In certain cases, it is funny how little purchasing behaviour has to do with purchasing power. Or even the actual product bought; instead it has everything to do with how luxury products make you feel. The pride to own an original bag or sunglasses cannot be replaced by fake poducts!
Between luxuries flash sale sites, online sample sales, discount retailers, and resale websites, label lovers can score designer swag at a (relative) steal. So, next time before you pick a fake Gucci, just think are you willing to fake luxury?
[Via – Live-Mint]