A new survey from the European Union Intellectual Property Office (EUIPO) has shown that in Cyprus counterfeit/imitation products cause annual losses of €63 million.
At the same time, it has indicated that product design plays an important role in purchasing decisions for consumers across the EU.
In Cyprus, counterfeit/imitation products cause annual losses of €63 million in the following sectors: €49 million in the clothing sector, €12 million in the jewelry and watches sector, and €2 million in the handbag sector.
According to the survey, nearly three in four consumers (73%) are willing to pay more for products with a better design, while 72% consider design an important factor when choosing what to buy. In fact, design is very or extremely important when buying a product for 31% of European consumers.
The influence of design is particularly strong among younger consumers, with 38% of those aged 18–24 saying it affects their purchasing decisions.
The findings show that design plays a particularly significant role in sectors such as furniture and fashion. Across the EU, 76% of consumers consider design important when buying furniture, while 66% say the same when purchasing clothing and accessories.
(Source: CNA)
