Counterfeits are taking a massive bite out of local retail. A new European Union Intellectual Property Office (EUIPO) survey reveals that imitation goods cost Cyprus tens of millions of euros each year, heavily impacting the fashion and luxury sectors even as consumer demand for authentic, high-quality design reaches an all-time high.

A new survey from the European Union Intellectual Property Office (EUIPO) has shown that in Cyprus counterfeit/imitation products cause annual losses of 63 million euros. At the same time, it has indicated that product design plays an important role in purchasing decisions for consumers across the EU. In Cyprus, counterfeit/imitation products cause annual losses of 63 million euros in the following sectors: 49 million euros in the clothing sector, 12 million euros in the jewelry and watches sector, and 2 million euros in the handbag sector.

According to the survey, nearly three in four consumers (73%) are willing to pay more for products with a better design, while 72% consider design an important factor when choosing what to buy. In fact, design is very or extremely important when buying a product for 31% of European consumers. The influence of design is particularly strong among younger consumers, with 38% of those aged 18–24 saying it affects their purchasing decisions.

The findings show that design plays a particularly significant role in sectors such as furniture and fashion. Across the EU, 76% of consumers consider design important when buying furniture, while 66% say the same when purchasing clothing and accessories.

Source: CNA(ΚΥΠΕ)