New Delhi : About 25-30% of all products sold in the country are counterfeit, with counterfeiting being most prevalent in the apparel and FMCG sectors, followed by pharmaceutical, automotive and consumer durables, according to CRISIL and Authentication Solution Providers Association (ASPA). Joint report. Told.
“Counterfeiting is most prevalent in apparel (31%), FMCG (28%), and automotive (25%) where consumers find counterfeit products, followed by pharmaceuticals (20%), consumer durables (17%) . , and agrochemicals (16%),,” the report said.
At least 27% of consumers are unaware that products are counterfeit at the time of purchase, but 31% willingly buy counterfeit products.
The survey also reveals that about 89% of consumers acknowledge the presence of counterfeit products in the market and often buy counterfeit products due to price sensitivity, demand-supply gap, willingness to buy luxury brands, peer pressure and social reasons. are forced to buy. Inspiration.
The report is based on an independent survey conducted with consumers and retailers covering twelve Indian cities (Delhi, Agra, Jalandhar, Mumbai, Ahmedabad, Jaipur, Indore, Kolkata, Patna, Chennai, Bangalore and Hyderabad), to Their perception of counterfeiting in the country can be ascertained. several key areas.
“Counterfeiting is not confined to high-end luxury items. Even common items ranging from cumin to cooking oil and from baby care items to medicines are increasingly being reported as counterfeit. Crisil Market Intelligence A key finding of the survey was that consumer sentiment pegged counterfeiting at 25-30 per cent of the market, which is higher than the general industry expectation, said Suresh Krishnamurthy, senior director at & Analytics.
“The trade in illegal goods stood 2.6 trillion in India in FY 2019-20 and affecting almost all sectors. It is increasing and causing huge loss to the country, industry and consumers at large. An aware consumer has the power to fight this menace; However, we must raise consumer awareness about this issue. Consumers play the most important role in fighting counterfeits. When many consumers are unaware of the real threat from counterfeit, the country will never be able to harness the power of active consumer participation to curb the sale of counterfeit products in the market,” said Nakul Pasricha, President, Authentication Solution Providers Association (ASPA). .
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