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How Do Counterfeit Products affect society
Transcript of How Do Counterfeit Products affect society
Effects on businesses
Value of counterfeit goods $1.7 trillion
2% of worlds economic output
90% of accessories claimed to be Apple are not
loss to legitimate companies in the range of USD 500 to USD 700 billion annually
Effect on government
Seized $1.26 billion in goods
Causes wrongful lawsuits
Tax revenue loss of $125 billion
Seized factories open up again with same employees
Effects on consumers
Dangers of counterfeit products
Often fund terror and crime organizations
Explosions, Fire hazard and dangerous materials
Faulty vehicle parts
Medicine with no active ingredients
Lethal or harmful ingredients
Technology and internet makes fakes appear more legitimate
Fraction of the quality
Products often break
2.5 million jobs lost
Why does it matter
More people are unknowingly buying counterfeit products everyday. Many people are currently unaware of the amount of damage these products do.
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