An Empirical Study on Consumers’ Buying Intentions of Counterfeit Products in India

Abstract

The infringement of intellectual property rights (IPRs) in the form of counterfeiting has emerged as one of the biggest crimes of the contemporary world. Counterfeiting has become a global epidemic, creating huge losses to the established brands, economy of a nation, undermining innovation and creativity and posing a significant threat to consumer health and safety. In recent times, it has become the world’s fastest growing and most profitable business. To combat counterfeiting, a detailed investigation from the consumers demand perspective is required as the universal law of economics states that “where there is a demand, there will be a supply”. The main aim of the study is to identify the key psychographic determinants affecting consumers’ buying intentions of purchasing counterfeit products in India. The main findings of the study revealed that price consciousness, novelty seeking, status consumption and peer pressure are the key psychographic determinants affecting consumers’ buying intention of purchasing counterfeit products. It has also been found that value consciousness has no influence on consumers’ buying intention of purchasing counterfeit products. The study is relevant to the current marketing scenario as it provides useful insights to the brand manufacturers and marketers for developing effective strategies and policies required to influence consumers’ buying intentions of purchasing counterfeit products.