EU 06 Dec 2016

Faked goods in Santa’s Workshop?

With the holiday season approaching, millions of shoppers are buying Christmas presents for family and friends. However, a great deal of the purchased goods are pirated. According to the calculations, approximately 753 million EUR is lost in revenue as a direct result of counterfeiting and piracy, which corresponds to 4.4% of the sales in Sweden. These numbers come from a study conducted by the European Union Intellectual Property Office (EUIPO). These losses translate into 5100 jobs lost.

“We already know that pirated goods, such as toys, electrical products, pharmaceuticals, etc. can often be downright dangerous and cause serious damage to you, the  consumer. In addition, organized crime is often behind the production and sales of pirated goods. This study shows a clear impact on society in terms of job losses and reduced sales. This might be something to consider especially now prior to the Christmas shopping”, says Mats Lundberg, Managing Director of Groth & Co.

The study includes nine affected sectors, which are cosmetics and personal care, clothing, footwear and accessories, sports goods, toys and games, jewelry and watches, handbags, recorded music, spirits and wine and pharmaceuticals. The studies were carried out between March 2015 and September 2016 by the EUIPO to provide a more comprehensive picture of the economic cost of counterfeiting and piracy in the EU.

Within the EU, it is estimated that over 48 billion EUR, or 7.4% of all sales are lost each year within the nine sectors due to the presence of counterfeits in the market. Every year, an additional 35 billion EUR is also lost across the EU economy due to the indirect effects of counterfeiting and piracy in these sectors, as manufacturers buy fewer goods and services from their suppliers, causing consequential effects in other areas.

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