Rising prices in Italy boost counterfeit goods industry

Rising prices and weaker purchasing power caused the value of counterfeit goods in Italy to rise by four percent this year to 7.5 billion euros, a trade association said Monday. In a new report, Confcommercio - an Italian retailers' association with 820,000 members - said Italy's fake clothing, accessory and multimedia industry alone is worth nearly three billion euros (4.2 billion dollars).
"In the last few years, 30 percent of (Italian) consumers have bought counterfeit goods. (This practice) is tantamount to stealing from a company," said Carlo Sangalli, president of Confcommercio. The association warned that the increase in counterfeit goods would have a detrimental impact on Italy's society and economy.
"The most destructive aspect is the close link (between fake goods) and other phenomenons such as criminal activity and the black market, and its impact on competition rules," Sangalli said.