If It Sounds Too Good to Be True...
How often have we heard this from the experts, from our parents, from our neighbor down the street? “If it sounds too good to be true, it probably is”. Whether it's real estate, stock tips, financial planning, or high end designer apparel and goods, we have likely all purchased items that turned out to be fake.
Consumers regularly get tricked into buying counterfeit items, such as high end clothing, purses and sunglasses (see 06/04/2009 blog). It is an experience that is becoming more prevalent with the rise in popularity of online shopping and a slow economy that has consumers searching for the best deals. Even shopping at “brick and mortar” retail stores does not guarantee legitimate goods.
Thanks largely to the symbiotic relationship between recession and the rise in
e-commerce, counterfeiting is fast becoming an epidemic threat to global trade, garnering headlines and the serious attention of local and federal law enforcement. Not only is there a lot more phony stuff out there, but it is better made and easier to get, charging higher prices and taking a bigger chunk out of brand earnings -- as much as $250 billion annually according to the International Anticounterfeiting Coalition.
The U.S. government seized more than $270 million of counterfeit merchandise in 2008, a 38 percent increase over the previous year (U.S. Customs and Border Protection and U.S. Immigration and Customs Enforcement). The value of the goods seized increased by 100 percent in the same period. Despite the economic slowdown, the sale of counterfeit products is booming. Often people who sell counterfeit products are given the minimum sentences and fines – not much of a deterrent. If you think you’ve been duped, check with the manufacturer. Many designers have information on their websites on how to spot counterfeit items.
Still not convinced that counterfeiting is an imminent threat to consumer safety and satisfaction? Perhaps I could interest you in a bridge…
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