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The purpose of this study is to analyze consumers’perceived risk which is shown in the process ofpurchase phase and consumption phase for the counterfeits of fashion luxury brands and to analyze theinterrelationship of each type of perceived risk. The research method of the study used a qualitativeapproach. 6 informants were selected and then an in-depth interview was held with them. Through thisprocess the data on the perceived risk for counterfeits were collected and analyzed.The results of the study are as follows;The perceived level of psychological risk including counterfeits exposure was extremely high; besides,economic risk and performance risk were also perceived. On the contrary, the perceived level of socialrisk and fashionability loss were relatively low.The risk perception for counterfeits appeared not only on the purchase phase but also on theconsumption phase, and when perceived risk existed on the consumption phase, it had an influence onthe level of perceived risk on the next purchase phase. However the psychological risk was continuouslyperceived on both purchase and consumption phase, even if it did not exist on the consumption phase.Psychological risk, economic risk and performance risk were not independent but interdependent.Moreover, the entire level of perceived risk could be controlled by reducing the level of other perceivedrisks when a certain type of risk was highly perceived .