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Young consumers who are prone to ‘impulse’ buying are at risk of falling for fakes this Black Friday, November 23, according to a report shared with TBO.
Brand protection company Red Points surveyed more than 1,000 millennials in the US before compiling the “Black Friday are your consumers safe?” report.
Although Red Points did not specify the age range of the survey’s participants, a millennial is usually considered to be someone who reached adulthood around the turn of the 21st century.
Last year, millennials unknowingly spent $482 million on counterfeits on Black Friday, and one in four are likely to fall for counterfeits this year due to their inability to spot fakes online, Red Points said.
Black Friday is the day following Thanksgiving, and is often considered to be the beginning of the Christmas shopping season in the US. It is followed by Cyber Monday, which takes place on November 26 this year. Both events are characterised by widespread discounts on a range of goods and services.
Red Points’ survey indicated that the buying behaviour of young consumers puts them at risk of accidentally falling for fakes. The risk is particularly high for those who describe themselves as ‘impulse’ buyers.
Laura Urquizu, CEO of Red Points, said: “Our new report offers some alarming insights into millennials’ shopping habits leading them to counterfeits. Many millennials no longer shop off a list and tend to make purchases based on impulse, which puts them at greater risk of falling for fakes.”
Most millennials who ‘impulse’ bought fakes online during last year’s Black Friday did so via social media sites (26%), the report said.
This year, just 23% plan on doing their Black Friday shopping in-store; with most millennials (73%) planning to make their purchases online.
In terms of product choices, nearly a quarter (24%) of young consumers told Red Points that they plan on purchasing electronics—the fastest growing category of counterfeited goods—on Black Friday.
The next favoured category of goods is fashion (16.9%), closely followed by entertainment (16.8%).
Red Points also said that its analysts identified an average 16% surge in the volume of infringements (for clients’ online listings) from October to November 2017, which suggests that this time of the year is favoured by counterfeiters.
Last year, two US law enforcement agencies issued a joint warning about counterfeit goods in a bid to raise consumers’ awareness of fakes in the run up to ‘Black Friday’.
Red Points, market research, black Friday, fake goods, counterfeit consumer goods, purchasing behaviour, e-commerce, branding, electronics, impulse buys