Corresponding author:
Haidong Zhao, Shanghai University of International Business and Economics, 1900 Wenxiang Road, Shanghai 201620, China.
Email: hdzhao20l3@hotmail.com
Introduction
Luxury goods consumption is a significant component of modern lifestyles not only in developed countries in the West but also in emerging markets in the East (Bian & Forsythe, 2012). There have been substantial increases in the global sales volume of luxury goods in recent years. The global value of the personal luxury goods market was around €208 billion (US$226.61 billion) in 2013, increasing to €224 billion (US$244.04 billion) in 2014, and reaching €253 billion (US$275.63 billion) in 2015...