Counterfeit goods cause annual losses of 63 million euros in Cyprus

A new report from the European Union Intellectual Property Office (EUIPO) indicates that counterfeit products result in annual losses of 63 million euros for the Cypriot market. Of this total, 49 million euros are lost in the clothing and footwear sector, 12 million euros in jewelry and watches, and 2 million euros in the handbag sector. On a European Union level, the fashion industry loses 12 billion euros, with an additional 2.7 billion euros lost in the jewelry and watch sectors. The findings highlight that 72 percent of European consumers consider product design a decisive factor in purchasing decisions, with 73 percent willing to pay more for higher-quality designs. Approximately 13 percent of Europeans admit to deliberately purchasing counterfeit items, a figure that rises to 26 percent among individuals aged 15 to 24. While quality and price remain primary factors, the report notes that design is especially significant for younger consumers, with 80 percent of those aged 18 to 24 stating that design heavily influences their buying habits. The EUIPO emphasizes that small and medium enterprises are particularly vulnerable to these intellectual property violations. Beyond financial impact, the office warns that counterfeit goods can pose risks to consumer health, safety, and the environment.