Reported about 19 hours ago
The luxury industry is facing new challenges from 'superfakes,' which are highly realistic counterfeit designer bags that attract Gen Z consumers, causing a notable decline in luxury spending. Reports indicate that Gen Z spent $5 billion less on luxury items in 2023, possibly due to budget constraints or a preference for high-quality replicas. Online communities have emerged where enthusiasts discuss these fakes, leading to an increase in their popularity. Resellers are now employing advanced authentication methods to differentiate between real and superfake products, while luxury brands like LVMH are lagging in their anti-counterfeiting efforts.
Source: YAHOO