Discover moreMultimedia News ContentEducational ResourcesCyber Security SolutionsMAJORITY of Zimbabweans are consuming counterfeit products, new study has revealed, in an indication of the struggle that authorities are grappling with in taming the vice.
Zimbabwe's economy, being dominated by the informal sector, is witnessing a rise in counterfeit products that are making their way into the country.
This has been attributed to the porous points of entry and corruption, which have resulted in the smuggling of goods into the market.
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According to a survey conducted by Topline Research Solutions in partnership with Buy Zimbabwe, 67% of people who participated revealed that they are purchasing counterfeit products.
Topline Research Solutions Chief Executive Officer, Patson Gasura, said counterfeit products are a negative trend in the markets.
"We are in a country which is highly informalised, so we checked for exposure to counterfeits. We asked people if they had purchased counterfeits. There is a very significant proportion of Zimbabweans who said yes. There is a very significant proportion of Zimbabweans who said they bought it knowingly.
"We are learning that this counterfeit trend is a significant problem, but there are some consumers for certain categories, particularly non-food items, who seem not to care whether it is genuine or not genuine," said Gasura.
The proliferation of fake products in informal markets has been exacerbated by weak regulation of the sector, despite the significant health risks they pose.
According to analysts, Zimbabwe is estimated to be losing more than US$1 billion annually, a situation that is hampering the growth of locally manufactured products.
Gasura said that the research revealed that the majority of customers purchase goods based on pricing models.
"It is a trend that needs to be confronted. On the choice drivers for products, 76% of Zimbabweans right now consider price. So our businesses have to worry about pricing innovations," said Gasura.