Essay On Counterfeiting

The rise of counterfeiting in the luxury product segment is no surprising news. Both the developing and developed market areaffected by counterfeiting.As the luxury prodcuts market is growing, so is the market of counterfeiting. Global economy incurs a huge loss annually because of counterfeiting. Let’s first discuss in brief about the aspects of luxury product segment, counterfeiting and materialism.

1.1. Luxury Goods

The definition of luxury goods is associated with different aspects globally. Some associate it with the price, some with the exclusivity, some with the privilege while some with the attributes. The Webster dictionary defines luxury goods as the goods which are not necessary for the survival but their consumption would generally tend to make the consumer happier and their life more pleasant(Webster, 2004). Luxury products are most costly than the normal goods. Hence, the demand of luxury goods is generally directly proportional to the income of an individual. In ancient times, luxury products were accessible to only a selected class of people, because it was

As of today, the USA is the largest market of personal luxury goods. Then comes China. And then the countries: France, Italy and Japan respectively. The extent of the penetration of the luxury market in USA can be identified by the fact that New York City alone is a bigger market than the whole country of Japan. Although a part of this luxury market consists of spending form the local consumers, but the factor which most gives the positive boost to this market in any country or region is the spending in this number of tourists coming from the other regions and spending on it. The personalized one-to-one touch and the customizable marketing to each individuals’ needs, seduces the capable customers who become prone to this