If a report by the European Union Intellectual Property Office in June found that 52% of people between the ages of 15 and 24 said they had purchased at least one fake product online in the previous year, indicating a significant rise in the consumption of fake goods, a study by Entrupy today reveals which of these are the most popular goods. The fake market grows with inflation, spanning from the most to the least well-known names, due to disdain for product authenticity, cost, and the relative ease with which these transactions may be made.State of the Fake, a report that provides information on the illegal trade in luxury goods and, for the first time, in trainers as well, has just been released by the New York-based technology company that is best known for its artificial intelligence-based authentication technology for luxury goods. This report demonstrates that streetwear, at least as far as fakes are concerned, is far from dead.
In fact, after examining over $540 million in inventory, it was discovered that counterfeit rates in the streetwear industry were twice as high as those for the traditional luxury brands – roughly 16% versus 8.3% – demonstrating that this sector was the main driver of the fake market, likely also because of the influence of the younger age group. The Jordan, the ultimate sneakerhead fetish, was counterfeited at a little higher rate than Yeezy (15.9% vs. 15.6%), a rise associated with the conclusion of the adidas and YE cooperation that boosted the perception of “rarity,” increased demand, and consequently profits. In terms of popularity among the haute couture fashion houses that are most imitated, Louis Vuitton dominates with 34%, followed by Goyard with 16%.
The average percentage of “unidentified” items discovered by Entrupy customers remained largely stable (8.3% in 2021 compared to 8.2% in 2020), while the percentage of counterfeit goods on marketplaces like StockX and eBay decreased from 10.8% in 2019 to just 5.5% in 2021. This is in contrast to the apparent general increase in counterfeits reported by customs and law enforcement officials. The success of anti-counterfeiting laws and increased scrutiny of controls have forced counterfeit goods into less secure, or at the very least, “less official,” channels, demonstrating that those who purchase counterfeit goods nowadays are frequently aware of this.