The watch industry is considered one of the most prone to counterfeiting with over 400 million counterfeit watches reaching global markets each year, with an estimated value of over half a trillion dollars.
In the past, the most basic copies were easy to identify; however, the rise of “super copies” in recent years makes them harder to detect. Today, consumers are more vulnerable than ever to scams, especially through social media.
Consumer habits and trends in the watch industry
There is no smoke without fire, and it is clear that not all consumers buy counterfeits by accident. There is a significant group of buyers who seek out and purchase these copies online. Some watch brands do not give the issue of counterfeits any importance, as they do not consider those who buy fake copies to be their target audience and therefore do not consider that they are losing business. However, consideration must be given to those who believe that they are buying a real item, and the negative impact that this illicit activity has on the brand's reputation.
In our exclusive consumer research study focusing on the watch croatia whatsapp data industry, we found that almost half of respondents had purchased counterfeits online. What’s more, 87% of that group admits they would do so again. 58% of those who decided to buy counterfeit watches did so because of the price, while 22% say they couldn’t afford the original. It’s clear that walking around with a luxury brand watch on their wrist is among the top priorities for fashion lovers.
However, there is also room for those who believed they were buying an authentic watch, but actually received a fake. We found that 50% of respondents had been victims of deception, even though 87% said they were aware of the promotion and sale of copies on online channels.
The beginning of everything
Counterfeit watches began to hit the market back in the 18th century. The Swiss (yes, the Swiss) were selling imitations of wristwatches and watches of all kinds, designed to look and function like those made by the most desired American and English luxury brands of the time.
By using cheap materials but imitating shapes, sizes, styles, finishes and, especially, the brand name, counterfeiters generated huge sums of money by taking advantage of the growth of the watch copy industry.
Other, more basic watches also appeared on the market, with little or no intention of imitating the original designs, but using the names of well-known watch brands that appealed to consumers from different countries.