Abstract
The term luxury is widely recognized by the general public, although the way luxury is defined varies (e.g., Ciornea 2013; Deloitte 2014). For example, some define the term in connection with its attributes, whereas others define it in relation to price and scarcity (Deloitte 2014). During the global financial crisis of 2007–2008, the sales of luxury goods plummeted. However, as the overall economy has started to recover, luxury fashion goods sales have already reached pre-crisis levels (Schmidt et al. 2015), and the luxury goods industry is expected to continue to grow (Statista 2015). Currently the USA is the world’s largest market for luxury goods (LUXURYSOCIETY 2015).
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