EUIPO report highlights impact of counterfeit goods and importance of design

A new report from the European Union Intellectual Property Office (EUIPO) states that counterfeit goods cause 63 million euros in annual losses for Cyprus, primarily in clothing and footwear (49 million euros), jewelry and watches (12 million euros), and handbags (2 million euros). Across the European Union, the fashion sector faces annual losses of 12 billion euros, while the market for imitation handbags, jewelry, and watches accounts for 2.7 billion euros in lost sales. The rise of e-commerce and social media influence has expanded the reach of these counterfeit products. Data indicates that 13% of Europeans, and 26% of consumers aged 15-24, admit to intentionally buying counterfeit goods. Small and medium-sized enterprises (SMEs) are identified as particularly vulnerable to these infringements. Beyond financial losses, the report warns of significant health, safety, and environmental risks associated with these goods. Additionally, the study reveals that design is a critical factor for 72% of EU consumers, with 73% willing to pay more for well-designed products, particularly in the furniture and fashion sectors.