TABLE 6.
Hypotheses testing results.
| Hypotheses | Independent variable | Dependent variable | Coefficient | Conclusion |
| The direct effect-social identity | ||||
| H1 | Luxury consumer perceived social value | Brand’s social identity | 0.520*** | Supported |
| H3 | Luxury consumer perceived emotional value | Brand’s social identity | 0.388*** | Supported |
| H5 | Luxury consumer perceived functional value | Brand’s social identity | 0.407*** | Supported |
| H7 | Luxury consumer perceived economic value | Brand’s social identity | 0.486*** | Supported |
| The direct effect-personal identity | ||||
| H2 | Luxury consumer perceived social value | Brand’s personal identity | 0.296*** | Supported |
| H4 | Luxury consumer perceived emotional value | Brand’s personal identity | 0.510*** | Supported |
| H6 | Luxury consumer perceived functional value | Brand’s personal identity | 0.453*** | Supported |
| H8 | Luxury consumer perceived economic value | Brand’s personal identity | 0.435*** | Supported |
| The moderating effect-social identity | ||||
| H9 | Luxury consumer perceived social value | Brand’s social identity | 0.257*** | Supported |
| H11 | Luxury consumer perceived emotional value | Brand’s social identity | 0.156* | Supported |
| H13 | Luxury consumer perceived functional value | Brand’s social identity | 0.334*** | Supported |
| H15 | Luxury consumer perceived economic value | Brand’s social identity | 0.086 | Not Supported |
| The moderating effect-personal identity | ||||
| H10 | Luxury consumer perceived social value | Brand’s personal identity | 0.009 | Not Supported |
| H12 | Luxury consumer perceived emotional value | Brand’s personal identity | –0.041 | Not Supported |
| H14 | Luxury consumer perceived functional value | Brand’s personal identity | 0.107 | Not Supported |
| H16 | Luxury consumer perceived economic value | Brand’s personal identity | –0.140 | Not Supported |
*p < 0.1 and ***p < 0.001. Data source: questionnaire survey.