Introduction: What is a counterfeit watch?
Counterfeit watches are a type of watch that is made to look like the original, but usually does not have the same quality as the original.
Counterfeit watches are becoming more and more popular in today’s world. The reason for this is because people want to buy luxury goods at a lower price. Counterfeit watches can be found in any place from small street markets to high-end boutiques.
Counterfeit watch quality has improved and some customers might not be able to tell the difference. Watch brands are countering this by making measures for their customers to easily identify them (e.g. a unique number engraved on each watch face).
How Counterfeit Watches are Hurting the Watch Industry and Why Consumers Can Take Action
The watch industry is a multi-billion dollar market and it is growing every year. A study by the Swiss Customs Administration in 2016 found that the global trade in counterfeit watches is worth over $1 billion annually. Counterfeit watches are hurting the industry and consumers can take action to stop it.
Consumers should be aware of the dangers of counterfeit watches and take action by educating themselves on how to spot a fakes. They should also purchase their watches from the official wristwatch’s sites in order to avoid being scammed.
Alternatively, they can purchase watches from brands (i.e. Banugat with the use of blockchain technology) that already make it harder for counterfeiters to scam customers looking for legitimate watches.
Counterfeiting is a big problem for the watch industry. It has been estimated that about one in five watches sold worldwide are counterfeit, which means that there are customers looking for legitimate watches getting scammed, while counterfeiters make money off of them.
Consumers should be aware of where they buy their watches from and how they can tell if they are buying a fake or not.
Conclusion: How Designer Brands Can Help
Designer brands have been fighting with counterfeiting for years. The issue is that as the industry of designer watches has grown, so has counterfeiting. It is now a multi-billion dollar industry with more than 3 million counterfeit watches sold every year.
The market is not going to stop growing and neither will the counterfeiters. But the brands can do something about it. They can make sure that their customers are getting what they are paying for and that their integrity is upheld in all aspects of their business.
They could also re-invent themselves to implement latest technologies to help make it easier for their customers to spot fake.