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High-End Knockoffs Thrive in China Amid Rising Economic Challenges

Daniel Kim Views  

Yonhap News

High-end counterfeit products, often called knockoffs, are gaining popularity across China. Analysts suggest that consumers are opting for these imitation goods as the economy of what was once the world’s largest luxury market continues to decline.

According to CNN, citing data from market research firm Mintel, the search for social media knockoffs tripled between 2022 and 2024. These imitation products closely mimic genuine items or draw inspiration from the core concepts of renowned brands. They are typically offered at significantly lower prices, making them appealing to budget-conscious buyers.

For example, Lululemon yoga pants sell for about 750 yuan (approximately $106) on the official Chinese website. However, these items, labeled with the name “Lulu,” can be found for as little as $5.

The growing interest in knockoffs is largely attributed to China’s deepening economic downturn. Once the world’s fastest-growing economy and a massive consumer market, China is now experiencing a sharp drop in consumption as growth slows, limiting the public’s ability to splurge on luxury items.

For instance, Zheng Jiewen, who works full-time at an advertising agency in Guangzhou and earns about 30,000 yuan (approximately $4,230) a month, saw his salary cut in half this year. Once a frequent shopper of brands like Louis Vuitton, Chanel, and Prada, Zheng has now turned to knockoff versions of these items. Similarly, Xinxin, an elementary school math teacher in Chongqing, used Estée Lauder cosmetics but recently switched to cheaper alternatives. While Estée Lauder products cost 720 yuan (approximately $100) for 30 ml, his new product is only about 100 yuan (approximately $14) for 20 ml. CNN added, “People feel lucky just to have jobs.”

With the economic recovery dragging, consumer pessimism is rising. The consumer confidence index fell from 86.2 in June to 86.0 in July, slightly above the all-time low 85.5 recorded in November 2022. Despite China reopening its borders after the COVID-19 pandemic, consumer sentiment remains low.

In an interview with CNN, a 33-year-old entrepreneur shared that his lack of confidence in the Chinese economy has led to a reduction in spending. “I stopped buying luxury goods, expensive cosmetics, and pricey clothing,” he said. “Instead of dining out, I cook at home at least four days a week.”

Experts warn that decreasing consumer spending could create a vicious cycle for China’s economy. CNN reported that this reduced expenditure has prompted many investment banks to lower their growth forecasts for the Chinese economy below the official target of 5%.

Daniel Kim
content@viewusglobal.com

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