The seminar is in two parts. First a recent publication entitled "Understanding Counterfeit Consumption" will be presented. This paper analyses consumer data from China about reasons for buying and consuming counterfeit products. Since China is where most fakes are produced it is insightful to analyze the attitudes of the local culture toward counterfeits. Then the broader picture of world-wide production and consumption of fakes and the reasons behind the increase are looked at. A discussion if it is feasible for consumers to know if they are consuming fakes in credence and experience goods is presented.