The Growing Threat of Counterfeit Watches
Recent research by Watchfinder & Co. has unveiled a startling trend in the US market: an estimated 23.3 million counterfeit watches are in circulation, highlighting a significant challenge for both consumers and the luxury watch industry.
Alarming Statistics of Counterfeit Watch Ownership
A survey reveals that nearly 24% of Americans have fallen victim to purchasing counterfeit items, with 9% specifically deceived into buying fake watches. Surprisingly, almost half of these fakes were priced over $500, yet 58% of Americans still prefer authentic items despite the higher cost.
The Role of Rolex in the Counterfeit Market
Rolex watches, known for their luxury and prestige, are particularly targeted. Watchfinder’s analysis shows that half of the luxury watches identified as fake or containing fake parts were Rolex models.
US Cities with High Circulation of Fake Watches
The research pinpoints major US cities as hotbeds for counterfeit watch sales. New York leads with 20.22%, followed by Los Angeles and Chicago. A detailed heat map further illustrates these trends.
Watchfinder’s Campaign Against Counterfeits
In response to this growing issue, Watchfinder urges consumers to be vigilant. The company emphasizes the importance of understanding authentication policies and processes when purchasing pre-owned watches.
The Rise of ‘Super Fakes’
Advancements in technology have led to the creation of ‘super fakes’, highly convincing replicas that pose a new challenge. Watchfinder’s experts note that these super fakes now require more meticulous inspection. Each category poses unique challenges, from entirely counterfeit products to those with mixed genuine and fake parts.
Ensuring Authenticity in Every Timepiece
Arjen van de Vall, CEO of Watchfinder & Co., stresses the importance of purchasing authentic luxury watches. The company’s rigorous 60-step inspection and authentication process guarantees the authenticity of their products.
Van de Vall encourages other retailers to adopt similar authentication standards to restore consumer faith in the pre-owned watch market.