In China, a resurgence of counterfeit goods evokes memories of the late 20th century as society grapples with rising unemployment among its youth. These young individuals increasingly adopt a lifestyle centered on these imitations, a trend reminiscent of earlier economic challenges.
A popular Chinese online shopping site offers counterfeit Lululemon leggings at just a quarter of the price of the genuine article. This suggests that China is indeed reverting to a counterfeit culture. / Jingji Ribao.
Historically, China has held a dubious distinction as a leader in counterfeiting, earning the label of “G1.” The country boasts a long tradition of producing fakes, encapsulated by the adage, “Everything is fake except for mom!” However, the rapid economic growth of the 21st century altered this narrative. Although counterfeit products did not vanish entirely, the appetite for luxury goods soared, with Chinese consumers significantly shaping the global luxury market before the COVID-19 pandemic.
Recent reports from state media, notably Jingji Ribao, reveal that the economic fallout from the pandemic has triggered a reversal in consumer behavior. As average incomes decline, many are reverting to the familiar comforts of counterfeit goods.
This shift is particularly evident among young people facing unemployment, who, while not indulging in luxury brands, readily embrace counterfeit alternatives. The emergence of terms such as pingtipin (平替品), referring to alternative products in the marketplace, underscores this trend.
Examples abound. For instance, Lululemon yoga pants, which retail for around 750 yuan ($105), can be found online for approximately 35 yuan ($5). Likewise, counterfeit Samsung smartphones, depending on the model, are available for around 3,000 yuan ($420).
The Chinese economy is currently grappling with deflation, characterized by falling prices amid an economic downturn. Analysts expressed skepticism about China’s ability to meet its growth target of approximately 5% for the year. Despite government efforts to mitigate these challenges, the outlook remains grim, with anticipated growth rates of just 1 to 2% for the coming year. Under these conditions, it appears inevitable that the consumption of counterfeit goods will continue to thrive among Chinese consumers.
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