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**47**

**Chapter 4**

**Abstract**

anti-counterfeit technology

**1. Introduction**

billion per year [3].

The Counterfeit Market

*Amélia Maria Pinto da Cunha Brandão and Mahesh Gadekar*

Product counterfeiting is a form of consumer fraud: a product is sold, purporting to be something that it is not. Counterfeit is illegally made products that resemble the genuine goods but are typically of lower quality in terms of performance, reliability or durability. There is a need to learn as much as possible about the counterfeit market and the luxury good's market, as well as learning about the customers of both of these markets. A large number of counterfeits are purchased online as the customer relies only in the information provided by the seller that is easy to manipulate. The Internet makes it possible for counterfeiters to sell fake goods without prior consumer inspection. Thus, if the presentation of the product online is elaborated and advanced, it would influence the user's perceptions of the authenticity of products in a positive way, which leads to an increase in the user's willingness to buy online. The chapter focuses on the counterfeit market, its influence on luxury consumption and consumers' drivers for the counterfeit. The chapter also discusses

innovative ways how authenticity of luxury goods can be verified.

**Keywords:** counterfeit, counterfeit market, luxury goods, fashion goods,

The luxury good's market has grown from a value of US\$ 20 billion in 1985 [1] to its current value estimated by Bain and Company (2012) of over US\$ 260 billion, and the expectation regarding the growth of this market is of about 2 up to 4% annually for the next 2 years [1]. For instance, the high-end luxury good's market came up to US\$ 236 billion in 2009 [2]. While the market for luxury goods has grown steadily through the last 20 years representing a significant percentage of trades worldwide, studies have expressed concern about the existence of counterfeit, and generation of loss from counterfeit products amounts to US\$ 12

Lai and Zaichkowsky [4] define counterfeits as illegally made products that resemble the genuine goods but are typically of lower quality in terms of performance, reliability or durability [5]. Counterfeit goods decrease companies' profits because what these manufacturers' sell is what the brands will not sell, which means that there is a direct steal of revenues from brands. This industry suffers with counterfeits resulting in seizures of large number of counterfeit goods. Thus, the increase in demand of luxury goods is the driver of the demand for counterfeits [6]. The need for individualism and uniqueness is one of important characteristics of counterfeit consumers. Studies have stated that people feel the need for

and the Luxury Goods
