How do crazy rich Asians perceive sustainable luxury? Investigating the determinants of consumers’ willingness to pay a premium price

Motivated by the increasing media coverage of environmental disasters and growing evidence of humans’ detrimental impacts on the natural environment, the key aim of this study was to examine consumer interest in buying sustainable luxury products. Rooted in the Value-Belief-Norm (VBN) theory, a research framework incorporating pro-environmental self-identity (PSI), consumer pro-environmental values (CPV), engagement, and willingness to pay a premium price (WPP) was proposed. To better understand the sustainable behavior of consumers, this study modelled myopia as a personality trait that moderates the aforementioned relationships. Partial least squares path modelling (PLSPM) was employed to analyze data collected from 296 Chinese consumers who had purchased luxury fashion products. The results highlighted the influential role of CPV in shaping both consumer engagement and WPP, surpassing the impact of PSI. Also, the study established the positive effect of engagement on WPP and confirmed its mediating role in the relationship between CPV and WPP. The incorporation of myopia as a moderator further enhanced the explanatory power of the VBN theory in understanding sustainable consumption evaluations. The findings revealed that the positive links between PSI, CPV, engagement, and WPP were particularly pronounced among non-myopic consumers, suggesting that a clear vision of long-term consequences strengthens the connections between these constructs. These findings offer valuable insights to both academics and practitioners, particularly in the realm of luxury fashion brands within Chinese culture. They provide a foundation for designing targeted marketing communication strategies that effectively leverage and cultivate consumers' pro-environmental self-identities and values. By aligning brand messaging with these values, luxury fashion brands can enhance consumer engagement and foster a willingness to invest in sustainable products. Ultimately, this study contributes to the growing body of knowledge on sustainable consumption and offers practical implications for promoting environmentally responsible choices in the luxury fashion industry.     

公共投资规模、居民支付意愿与住宅价格走势——基于中国30省市截面数据的实证检验

在构建公共物品供给与住宅意愿支付价格关系模型的基础上,利用面板数据检验公共资本量对住宅的溢价效应。实证结果表明公共物品供给对住宅的溢价值有很大不同:生态环境投资对住宅的溢价值最高,其次是公共交通投资;教育投资,尤其是高等教育投资的溢价值较高,而以燃气普及率为代表的城市基础设施投资对住宅也有显著的影响。这说明我国城市居民住宅区位需求已经向多元化和生态化方向发展,交通易达性是居民住宅选择的重要组成部分,高等教育环境普遍为城市居民所关注,扩大基础设施投资规模是提高住宅价值的重要手段之一,重新设计房地产税种和税率是我国房地产税制改革的必然选择。