12 July 2019
Spire speaks to Japanese firms about the threat of counterfeits
On 12 July, Spire participated in an Anti-Counterfeiting (ACF) seminar in Tokyo, jointly organized by Yamada Consulting Group (YCG), Spire Research and Consulting, TMI Law firm and Toppan Printing. Japnit Singh, Deputy Chief Executive Officer of the Spire Research and Consulting group, shared his insights on the global impact of counterfeit goods and how companies can respond.
Japnit pointed out that counterfeits accounted for USD590 million of international trade in 2016, thus causing five million job losses by 2020.
Growth of counterfeit products can sometimes hit a critical point in specific country markets, whereby significant falls in sales, profit, volume and market share are experienced by producers of genuine branded goods. In 2017 alone, 24% of Japanese companies suffered losses due to counterfeiting.
Electrical machinery and electronics (USD138 billion) as well as jewelry (around USD50 billion) account for the highest revenue share in the global counterfeit trade. China still leads in global market share of counterfeit exports.
Although evolving, online counterfeits make up a substantial share of consumer goods sold on e-commerce platforms. Social media channels are also booming sales platforms for counterfeits – including messenger apps.
However, brands do fight back. More firms are using QR codes, Track and Trace and serialization to monitor channel and supply chain partners.
For media enquiries, please contact:
Manager, Group Corporate Communications
Spire Research and Consulting
Phone: (91) 124 288 9151
Spire Research and Consulting is the leading research consultancy in global emerging markets. Spire's competitive advantage lies in its ability to deliver actionable intelligence on the external business environment in support of its clients’ strategic decision-making in marketing and business development. Spire's clients include 50 Global Fortune 1000 companies and government agencies in 15 countries. For more information, please visit www.spireresearch.com.