London branded world counterfeit capital
Research conducted by accountancy firm KPMG has identified London as one of the world’s top rip off capitals.
London's streets are awash with fake watches, knock-off DVDs, pirated software and counterfeit sunglasses according to the firm, with dodgy replicas retailing for around 31% of the value of their genuine equivalent.
This is a far higher ratio than in comparable cities such as New York where fakes sell for 22% of the real deals value. Indeed London is second only to Prague in the cost of fake goods, although the city ranks first when cigarettes and alcohol are excluded from the list.
Ordinarily the cost of a fake is so small that its provenance is obvious to the purchaser, in the case of London however shoppers face a sharper dilemma.
David Eastwood, KPMG’s head of intellectual property, said: “For products like jeans, trainers and DVDs it might not be clear to a shopper whether they are getting the real deal or a fake. Prices are usually well discounted, but not enough to make it obvious.”
KPMG’s research also suggests that, ironically, counterfeiters are feeling the pinch from illegal downloader’s just as much as legitimate record labels. Pirated music CDs have become 18% more expensive since 2007.