As much as 27 per cent of consumers are unaware that products are counterfeit at the time of purchase, but 31 per cent willingly purchase spurious products, the report said.
The report covered 12 cities of Delhi, Agra, Jalandhar, Mumbai, Ahmedabad, Jaipur, Indore, Kolkata, Patna, Chennai, Bangalore, and Hyderabad.
According to Suresh Krishnamurthy, a senior director with Crisil Market Intelligence and Analytics, counterfeiting is not limited to luxury items. Even common items, from cumin seeds to cooking oil and from baby-care items to medicines, are increasingly reported as counterfeit.
According to Nakul Pasricha, president of the association, spurious goods market stood at Rs 2.6 lakh in FY20 and is rising, heavily bleeding the industry and consumers.