JBR-08159; No of Pages 9

Journal of Business Research xxx (2014) xxxxxx

Contents lists available at ScienceDirect

Journal of Business Research

Anticipating regret and consumers' preferences for counterfeit luxury products

Jie Chen a, Lefa Teng b,, Shixiong Liu c, Huihuang Zhu d
a
Shanghai Jiaotong University, Shanghai, China
b
Department of Marketing and Consumer Studies, University of Guelph, Guelph, Ontario, Canada, N1G 2W1
c
Shenzhen University, Guangdong, China
d
Sun Yat-sen University, Guangdong, China

a r t i c l e i n f o a b s t r a c t

Article history: When consumers consider their feelings about a future purchase, these feelings can inuence their preferences
Received 1 April 2012 for the product under consideration and alter their nal purchase decision. This research identies the effect of
Received in revised form 1 October 2013 anticipating regret on consumer preferences for a product that is a conspicuous counterfeit. Study 1 shows
Accepted 1 August 2014
that consumers are more likely to choose non-conspicuous luxury counterfeits after anticipating the potential
Available online xxxx
regret of purchasing a counterfeit product. Study 2 demonstrates the mediating effect of perceived risk on the
Keywords:
anticipation of regret effect. Studies 3 and 4 determine two boundary conditions of the anticipation of regret
Anticipating regret effect, specically, only consumers who have an independent self-view and are less conscious of their social
Non-conspicuous counterfeits face experience the anticipation of regret effect.
Perceived risk 2014 Elsevier Inc. All rights reserved.
Social face

1. Introduction
Crucial factors that inuence the consumption of counterfeit luxury
products include the typicality and the display of brand logos, as well as
a consumer's attitude toward counterfeit products (e.g., self-
presentation vs. self-expression). In terms of the typicality of the luxury
product, consumers who purchase counterfeit products have a strong
tendency to choose luxury bags that look prototypicalthat is, bags
that look familiar to other consumers (see Fig. 1a). Additionally,
consumers seldom choose atypical luxury bags, which are unique and
not often seen or easily recognized by other consumers (see Fig. 1b).
Regarding brand logos, consumers have a stronger preference for coun-
terfeit bags that have a loud brand prominence (a conspicuous brand),
because their signals are more decipherable than counterfeit bags that
have a quiet brand prominence (a non-conspicuous brand) (Han,
Nunes, & Drze, 2010; Han, Suk, & Chung, 2008). Lastly, Wilcox, Kim,
and Sen (2009) show that social-adjustive consumers (high need to
convey a high social status) are more likely to purchase a counterfeit
brand because the product is a status symbol, whereas value-adjustive
consumers (low need to convey a high social status) are more likely to
This study was supported by research grants from the National Natural Science
Foundation of China (71072062), Shanghai Pujiang Program (13PIC071), Changjiang
Scholars and Innovative Research Teams (PCSIRT) and SMC Chenxing Scholars. The au-
thors gratefully acknowledge the nancial support of OMAFRA (#200261). They also
thank Hanwei Wang and Drew J. Harden for their help in this study.
Corresponding author. Tel.: +1 519 824 4120x53818; fax: +1 519 823 1964.
E-mail address: leteng@uoguelph.ca (L. Teng).
purchase an authentic brand because the product reects their person-
ality. Therefore, social-adjustive consumers are more likely to choose a
prototypical counterfeit bag that has a noticeable logo.
However, among consumers who will purchase counterfeit goods,
will consumers prefer a prototypical counterfeit luxury handbag when
the bag has a logo (conspicuous counterfeit) or doesn't have a logo
(non-conspicuous counterfeit)? Further, if these consumers anticipate
regretting their choice to purchase a counterfeit, will they prefer a
conspicuous or a non-conspicuous counterfeit? Existing research has
addressed the inuence of prototypical versus atypical counterfeits,
loud versus quiet brand prominence, and social- versus value-
adjustive attitudes on consumers' preferences for counterfeit luxury
products, yet a gap exists as research has yet to address the effects of
anticipating regret on consumer preferences for counterfeit luxury
products. Therefore, the goal of the current study is to determine
whether anticipating regret decreases (or increases) consumers' desire
for prototypical counterfeit luxury products that have a logo (do not
have a logo).
This research presents a conceptual model demonstrating that when
consumers mentally generate hypothetical scenarios where they
anticipate the regret they may feel after the consumption of counterfeit
products (e.g., other consumers discover that their product is a counter-
feit, rather than the authentic luxury brand), consumers will be more
likely to choose a non-conspicuous option over a conspicuous option.
More specically, given that conspicuous prototypical counterfeits are
associated with a higher probability of regret, this research proposes
that consumers are more likely to choose a counterfeit luxury product
that does not have a logo rather than a counterfeit luxury product that
does have a logo. Therefore, the objective of this research is to analyze

http://dx.doi.org/10.1016/j.jbusres.2014.09.012
0148-2963/ 2014 Elsevier Inc. All rights reserved.

Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012
2 J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx
PROTOTYPICAL AND ATYPICAL LUXURY HANDBAGS
(a)
Fig. 1. Prototypical and atypical luxury handbags.
consumers' decreased desire for conspicuous prototypical counterfeit
luxury products by examining how anticipating regret inuences their
preference for purchasing such products.
The ndings of this research are particularly important because antic-
ipating regret relates to a growing interest in behavioral motivation,
attitude, and processing of counterfeits (Wilcox et al., 2009), as well as
non-commercial campaigns such as the International Anti-Counterfeiting
Coalition (IACC) and Quality Brands Protection Committee (QBPC).
Through a series of four studies, this research tests the aforementioned
conceptual framework regarding consumer's anticipation of regret
when purchasing counterfeit products. The rst study examines how
anticipating regret inuences consumers' choices of conspicuous proto-
typical counterfeit luxury products (namely with logo vs. without logo).
The conceptual model predicts that consumers who anticipate regret
will choose a product that does not have a logo. Study 2 investigates
how perceived risk mediates the effect of anticipating regret on con-
sumers' preferences for conspicuous counterfeit luxury products.
Study 3 evaluates if consumers who have an independent self-view
rather than an interdependent self-view have a more pronounced
decrease in preference for conspicuous counterfeit products due to
anticipating regret. Finally, Study 4 identies how consciousness of so-
cial face inuences consumers' choice of conspicuously branded luxury
counterfeit products. The conceptual model predicts that the effect of
anticipating regret will only decrease the preference for conspicuously
branded counterfeit products among consumers who are less conscious
of their social face.
2. Theoretical background
2.1. Previous research on prototypical conspicuous counterfeits
One of the most worrying aspects about counterfeiting has always
been the threat to human life and safety caused by poorly made
counterfeits using potentially dangerous materials (BASCAP, 2009).
This concern primarily applies to items such as counterfeit medication
and electronics; however, today's counterfeits are mostly low-quality
fake copies of luxury apparel, which are virtually harmless to the end
consumer. Therefore, the current strategy of educating consumers
about the risk to human life and safety posed by counterfeits is unlikely
to be effective for decreasing purchases of counterfeit luxury products.
Counterfeits that resemble the original can comply with the attributes
of genuine prototypical luxury products that convey high status
(brand logo, color, etc.). Additionally, conspicuousness is widely
assumed to be the key motivation behind luxury consumption (Han
et al., 2010; O'Cass & McEwen, 2004; Phau & Prendergast, 2000; Piron,
2000; Truong, Simmons, McColl, & Kitchen, 2008; Vigneron & Johnson,
1999; Wang & Chen, 2004). Therefore, consumers purchase counterfeit
luxury products because they want to obtain the conspicuousness that
Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012
(b)
the authentic prototypical luxury product possesses. Consumers who
cannot afford the authentic, original luxury product will purchase a
counterfeit that has a discernible logo of the original brand (Louis
Vuitton, Chanel, etc.). The logo of even the counterfeit prototypical con-
spicuous luxury product represents a symbolic signal of status and
wealth (Han et al., 2010) and conveys the conspicuousness associated
with the authentic brand (Kim & Karpova, 2009). Consumers who pur-
chase counterfeit luxury brands seek the prestigious symbolism of the
authentic brand at extreme cost savings (Ehrlich, 1985).
In addition, most of the literature on counterfeits focuses on con-
sumers' motivation and intention to purchase such counterfeits
(Albers-Miller, 1999; Gentry, Putrevu, & Shultz, 2006; Kim & Karpova,
2009; Leisen & Nill, 2001; Swami, Chamorro-Premuzic, & Furnham,
2009; Tom, Garibaldi, Zeng, & Pilcher, 1998; Wilcox et al., 2009; Yoo &
Lee, 2009), only a limited amount of research has focused directly on
consumers' consumption of conspicuous counterfeits (e.g., Han et al.,
2008, 2010; Wilcox et al., 2009). For example, Wilcox et al. (2009) dem-
onstrates the inuence of elements of the marketing mix, such as prod-
uct logo design, on the social functions served by consumers'
consumption of luxury brands. Given that the logo or emblem creates
a luxury brand's conspicuousness, counterfeits that have a prominent
logo will serve the social functions of most consumers of counterfeit
products. Wilcox et al. (2009) proposes that the extent to which a coun-
terfeit luxury brand fullls a consumer's social goals is likely to depend
on brand conspicuousness. These researchers suggest that the way a
luxury brand's meaning becomes accessible to other consumers
through product design can affect the consumers' desire for counterfeit
versions of the authentic brand. Wilcox et al. (2009) also suggests that a
prominently displayed brand logo on a counterfeit enables consumers
to acquire and display to other consumers the authentic brand's aspira-
tional associations.
Another study using online authentic brand data and counterfeit
brand data from Thailand shows that counterfeit handbags copy loud
authentic brands and that brand prominence drives which product
lines will be counterfeited (Han et al., 2010). These authors dene
loud branding as a product that has visible markings that ensure
consumers can recognize the brand; a product with a loud brand is a
conspicuous brand. Conversely, Han et al. (2010) dene a quiet brand
as a product that is discreet and does not have any visible markings
(e.g., brand logo may be on the inside of a handbag, rather than on the
outside); a product with a quiet brand is a non-conspicuous brand.
Consumers with prototypical counterfeits that have big logos face a
higher risk that other consumers will easily identify their products as
counterfeit.
Few studies have focused on how consumers choose between proto-
typical counterfeits that have a logo (loud, conspicuous brand) or do not
have a logo (quiet, non-conspicuous brand). In reality, counterfeiters
often sell consumers conspicuous prototypical bags because consumers
 J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx
who do not have the nancial means to purchase an authentic luxury
bag and have a high need for status, will turn to a cheap copy of the
original in order to emulate consumers whom they recognize to be
wealthy. Additionally, counterfeiters seldom manufacture atypical
non-conspicuous luxury bags because they will not signal the owner's
supposedly high social standing to other consumers. Normally,
prototypical bags have strong, notable brands; an example is the famous
and easily recognizable black Chanel bag, easily identied by its quilted
pattern, gold accents, and gold C's (see Fig. 1a). Counterfeiters frequently
copy the black Chanel bag due to its recognizability, even a counterfeit
can provide the illusion of luxury to the consumer. An example of an
atypical bag is the Louis Vuitton bag (see Fig. 1b), which is not often
seen in public, or carried by celebrities. These atypical bags are not easily
copied by counterfeiters, thus allowing for a restricted display of luxury
and conspicuousness. Therefore, questions about how consumers will
decrease their preference for conspicuous prototypical counterfeits and
which segment of consumers is more likely to decrease their preference
for counterfeit products is the focus of this research.
2.2. The inuence of anticipating regret on consumer preferences for
prototypical conspicuous counterfeits
Consumers make their purchase decisions with a concerted effort to
reduce the likelihood of experiencing regret (Bell, 1982; Brehm &
Wicklund, 1970; Loomes & Sugden, 1982), and to maximize expected
utility (von Neumann & Morgenstern, 1947). However, given that
counterfeits are low quality copies of authentic luxury brands, the
performance, reliability, and durability of the counterfeit is unknown
nor guaranteed with any certainty (Lai & Zaichkowsky, 1999). When
consumers consider a purchase decision, they consider the costs and
benets of the purchase by engaging in mental simulations of a world
in which they purchase the product and another world in which they
do not purchase the product (counterfactual thinking; see Roese,
1997, for a detailed review of counterfactual thinking). If a consumers'
mental simulation of the world in which they make the product pur-
chase is more positive than reality, they will feel negative affect (regret).
Furthermore, when the outcome of a consumers' purchase decision is
unknown, as is often the case when the purchase decision is about a
counterfeit product, consumers anticipate that their decision will lead
to future regret (prefactual). Therefore, consumers' consideration of
prefactuals (mental simulations of possible future events) can affect
their purchase decisions (Gleicher et al., 1995; McConnell et al., 2000).
Counterfeit conspicuousness, unlike authentic brand conspicuous-
ness, is a double-edged sword. On the one hand, consumers who cannot
afford the authentic brand will purchase a counterfeit with the hope of
engaging in the conspicuous consumption associated with the authentic
brand. On the other hand, the outcome may be negative because
consumers face a risk of embarrassment if other consumers identify
that their luxury product is a counterfeit. Given that consumers seldom
anticipate regret prior to purchasing a counterfeit, their choice to
purchase a counterfeit may result in damage to their self- and social-
image. This damage may be avoidable if consumers anticipate regret
prior to purchase.
An implication of this effect is that a consumer's anticipation of
regret serves as a mechanism to minimize the regret they will feel
after the purchase. When consumers anticipate the potential negative
outcomes of purchasing a conspicuous counterfeit, their memories
and cognition will inform them not only about the erroneous choices
they have made in the past, but also about the correct choice to make
in the future (Hetts & Boninger, 2000; Shih & Schau, 2011). When con-
sumers imagine the cost and the benet of purchasing conspicuous
counterfeits, they will instead opt for the non-conspicuous option in
order to derive maximum utility from the counterfeit purchase, and
decrease the likelihood that other consumers will discover the product
is a counterfeit.
Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012
3
Conspicuous counterfeits are more familiar to consumers than non-
conspicuous counterfeits; as such, other consumers are more likely to
detect that a conspicuous counterfeit is fake compared to a non-
conspicuous counterfeit. In turn, consumers may anticipate stronger
feelings of regret should they purchase a conspicuous counterfeit com-
pared to a non-conspicuous counterfeit. This research proposes that
consumers' preference for a conspicuous counterfeit will decrease
when they anticipate feelings of regret caused by their purchase
decision. This anticipation of regret will make the consumer act more
cautiously by selecting the non-conspicuous counterfeit rather than
the conspicuous counterfeit.
H1. Given the choice between a conspicuous and a non-conspicuous
counterfeit, consumers are more likely to choose the non-conspicuous
counterfeit due to the anticipation of regret effect.
A psychological process underlies the anticipation of regret effect
in reducing consumers' preference for conspicuous counterfeits. This
research anticipates the mechanism underlying the decrease in con-
spicuous counterfeit preference is due to an increase in consumers'
perceived risk (e.g., other consumers will discover that the product
is a counterfeit brand and not an authentic brand, lower product
quality in terms of performance, reliability, and durability). As
such, consumers' perception of risk may lead to the anticipation of
regret effect, which, in turn, affects (reduces) their preference for
conspicuousness.
H2. Consumer's perception of risk mediates the effect of anticipation of
regret on the choice between a conspicuous or non-conspicuous
prototypical counterfeit option.
The anticipation of regret effect may also have two boundary condi-
tions. The rst boundary condition is self-view. Studies in social psy-
chology focus on the distinction between the independent self-view
and the interdependent self-view; the former views the self as different
from others, whereas the latter views the self as dened by others
(Aaker & Lee, 2001). As such, the inuence of the anticipation of regret
effect may be moderated by consumers' self-view (independent self-
view vs. interdependent self-view). In both self-view conditions when
consumers anticipate regret, the anticipation of regret effect will likely
make them consider the consequences of their actions should other
consumers discover that their product is counterfeit. This effect may
make them be more cautious in their purchase decision by preferring
the non-conspicuous counterfeit. However, when independent self-
view consumers do not anticipate regret, they are likely to have a great-
er preference for the conspicuous counterfeit because they want their
conspicuous product choice to stand out and be different from other
consumers. Conversely, when interdependent self-view consumers do
not anticipate regret, they are likely to consider the social context of
their purchase and prefer the non-conspicuous counterfeit. That is, be-
cause the interdependent consumer's self-view is dependent on other
consumers, they will prefer the non-conspicuous option because they
want to t in among other consumers.
H3. Consumers' self-view moderates the inuence of the anticipation
of regret effect on consumers' choice between a conspicuous and non-
conspicuous counterfeit.
H3a. When consumers' independent self-view is more accessible and
they anticipate regret, they will prefer the non-conspicuous counterfeit
over the conspicuous counterfeit.
H3b. When consumers' independent self-view is more accessible and
they do not anticipate regret, they will prefer the conspicuous counter-
feit over the non-conspicuous counterfeit.
H3c. When consumers' interdependent self-view is more accessible,
they will prefer the non-conspicuous counterfeit to the conspicuous
counterfeit regardless of whether they anticipate regret.
4 J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx
The second boundary condition on the anticipation of regret effect is
the consciousness of social face. Consumers of counterfeit luxury prod-
ucts tend to hold social-adjustive attitudes because they desire luxury
products for self-presentation and to convey a high social status
(Wilcox et al., 2009). Consumers desire to gain face (e.g., maintain rela-
tionships, or attain approval in social situations) and fear to lose face
(e.g., lose friends, or attain disapproval in social situations) (Wilcox
et al., 2009; Zhang, Cao, & Grigoriou, 2011). A consumer who is less
face-conscious (low need to present himself/herself with a high social
status) may be more likely to choose a non-conspicuous counterfeit
due to the anticipation of regret effect. The underlying psychological
process is that consumers who are less face-conscious may not antici-
pate any possibility of regret that other consumers will discover the
true nature of their product. However, if such consumers receive a
prompt to anticipating regret, they will mentally simulate the possible
negative outcome if other consumers realize that their product is a
counterfeit; this anticipation of regret will decrease the consumer's
original preference for the conspicuous option and will increase their
preference for the non-conspicuous option.
Conversely, a person who is more face-conscious (high need to
present himself/herself with a high social status) may prefer the non-
conspicuous counterfeit in case other consumers discover that the prod-
uct is a counterfeit. Therefore, they will prefer the non-conspicuous
counterfeit option, even without anticipating regret.
H4. Consumers' consciousness of social face will moderate the inu-
ence of the anticipation of regret effect on a consumers' choice between
a conspicuous and non-conspicuous counterfeit.
H4a. When consumers are less face-conscious and they anticipate
regret, they will prefer the non-conspicuous counterfeit over the con-
spicuous counterfeit.
H4b. When consumers are less face-conscious and they do not
anticipate regret, they will prefer the conspicuous counterfeit over the
non-conspicuous counterfeit.
H4c. When consumers are more face-conscious, they will prefer non-
conspicuous counterfeit over the conspicuous counterfeit, regardless
of whether they anticipate regret.
3. Study 1: The anticipation of regret effect
3.1. Design, participants, and procedure
Study 1 is an empirical test of, H1, which states that consumers
are more likely to choose a non-conspicuous counterfeit product
after they consider how they would feel if other consumers discover
PROTOTYPICAL CHANNEL COUNTERFEITS WITH LOGO AND WITHOUT LOGO
Fig. 2. Prototypical Channel counterfeits with logo and without logo.
Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012
that their product is counterfeit. The design and stimuli of Study 1
were adapted from Wilcox et al. (2009), and are similar to other
studies on counterfeit goods (e.g., Ang, Cheng, Lim, & Tambyah,
2001; Cheung & Prendergast, 2006). The study utilized a between-
subject design with two levels of regret (regret: anticipation of
regret vs. control). The dependent variable is the participants' choice
of prototypical counterfeit handbags (counterfeit options: conspicuous
vs. non-conspicuous).
Sixty-nine female undergraduates who have purchased a counterfeit
product in the past were randomly assigned to the experimental (antic-
ipation of regret) or control condition. Consumers who have experience
with purchasing counterfeits were recruited because extent research
indicates that such consumers are signicantly more willing to buy
counterfeit products in the future (Furnham & Valgeirsson, 2007;
Swami et al., 2009; Tom et al., 1998). Participants completed a short
questionnaire in exchange for a gift.
In the control condition, participants viewed pictures of two coun-
terfeit Chanel handbags, counterbalanced for order. The two handbags
were identical, except one featured a Chanel logo (conspicuous option)
and the other did not (non-conspicuous option) (see Fig. 2). Participants
were then informed that each handbag was an identical counterfeit of
an actual Chanel handbag, and the counterfeit bag was affordable.
After being given this information, participants were asked which hand-
bag they would rather purchase. Participants were then thanked and
debriefed.
The anticipation of regret condition was identical to the control con-
dition, with the addition of the manipulation for anticipation of regret.
Before participants selected which bag they would rather purchase,
they were rst asked to consider how they would feel if they bought
the handbag without a logo and other consumers later discovered that
the handbag was counterfeit, and how they would feel if they bought
the handbag with a logo and other consumers later discovered that
the handbag was counterfeit.
3.2. Results and discussion
A chi-square test was conducted to compare consumer preferences
in the experimental and control conditions. As summarized in Fig. 3,
the results support H1. Signicantly more participants chose the
handbag without a logo in the anticipation of regret condition than in
the control condition (60.5% vs. 35.5%; 2(1) = 4. 284,p b 0.04).
Study 1 provides initial support for the proposition that anticipation
of regret decreases consumer preference for conspicuous counterfeits
and increases consumer preference for non-conspicuous counterfeits.
However, this study sheds little light on the mechanism underlying
the anticipation of regret effect. Most research on the anticipation of
regret effect has examined regret on delayed choice (e.g., Simonson,
 J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx
STUDY 1 RESULTS
Fig. 3. Study 1 results.
1992), behaviors (e.g., Hetts & Boninger, 2000), and decisions (e.g., Shih
& Schau, 2011). Very little research has examined how the anticipation
of regret effect inuences counterfeit purchases. Study 2 investigates
perceived risk as a potential mechanism for the anticipation of regret
effect,
4. Study 2: Perceived risk and anticipation of regret
4.1. Design, participants, and procedure
The main purpose of Study 2 was to further investigate the
mechanism underlying the inuence of the anticipation of regret effect
on consumers' choice of counterfeit products. Given that counterfeits
are copies of authentic brands, an inherent risk is associated with coun-
terfeits that is not associated with authentic brands (e.g., other con-
sumers will discover that the product is a counterfeit, or the counterfeit
product is lower quality compared to the authentic product). Thus, the
expected result is that the inuence of the anticipation of regret effect
on consumers' preferences for conspicuous and non-conspicuous coun-
terfeits operates via consumers' perception of the increased risk associat-
ed with purchasing counterfeit products.
Seventy female participants were recruited from a database of con-
sumers who have experience with purchasing counterfeit products.
The design and procedure of Study 2 is similar to that of Study 1, with
the following exceptions. After participants examined the photos of
the two counterfeit Chanel handbags, consumers perceived risk was
measured using two 7-point scale questions adapted from Nordgren,
Van Der Pligt, and Van Harreveld (2007): What are the risks of
purchasing the bag A /B (the bag with a logo/without a logo)?; and How
great is the risk of purchasing the bag A/B (the bag with a logo/without a
logo)? (1 = no risk to 7 = extreme risk). Consumers then chose
which handbag was their preferred option.
4.2. Results and discussion
A chi-square test was conducted to examine participants' prefer-
ences for the conspicuous and non-conspicuous counterfeit options.
The results indicate that more participants chose the non-conspicuous
option in the anticipation of regret condition (55.9%) than in the control
condition (30.6%), 2(1) =4.580, p = 0.032. These results replicate the
anticipation of regret effect initially found in Study 1.
Second, in order to examine H2, which stated that the anticipation of
regret effect is mediated by perceived risk, the two items that measured
perceived risk were averaged to create a single item ( = 0.906). The
key dependent variable was participants' choice of handbag, which
was coded as 1 if participants selected the conspicuous option and 0 if
Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012
5
participants selected the non-conspicuous option. Mediation analysis
was conducted using the process application and method provided by
Hayes (2013). Anticipating regret was positively associated with
perceived risk, as indicated by a signicant regression coefcient
( = 0.93, t = 1.99, p = 0.05). A negative relationship also exists be-
tween anticipating regret and counterfeit choice ( = 0.50, z =
3.27, p = 0.001). Finally, anticipating regret was found to have a
non-signicant effect on counterfeit choice ( = 0.81, z = 1.46,
p = 0.14). Bootstrap results demonstrated that the indirect effect was
signicant, as the bootstrapped 95% CI around the indirect effect does
not contain zero (1.27, 0.0067). Thus H2 is supported, as perceived
risk mediates the effect of anticipating regret on counterfeit choice
(Fig. 4).
Study 2 provides robust evidence that consumers' perceived risk
mediates their preference for counterfeit products. More specically,
when consumers' associate counterfeit products with risk, they
anticipate the regret that they will feel when, for example, other con-
sumers discover that their product is a counterfeit and not an authentic
product or they discover that the counterfeit is low quality. This effect
leads to consumers being more likely to prefer non-conspicuous
counterfeit options over conspicuous counterfeit options. Studies 3
and 4 will continue to develop the anticipation of regret effect through
investigating potential boundary conditions, namely, self-view and
social face.
5. Study 3: Self-view and the anticipation of regret
5.1. Design, participants, and procedure
Study 3 explored one potential boundary condition of the anticipa-
tion of regret effect, self-view. Participants were primed to adopt either
an independent or interdependent self-view and then examined the in-
uence of the anticipation of regret effect on consumers' selection of
conspicuous and non-conspicuous counterfeits. Although the primary
objective of Study 3 was to provide the boundary condition of self-
view, the second objective of Study 3 was to rule out an alternative ex-
planation of a moral effect. Although data from Studies 1 and 2 conrm
the anticipation of regret effect, other effects, such as moral consider-
ations, could provide an alternative explanation for these ndings.
Study 3 measured moral items to test whether the moral effect provides
a better explanation for the results of Studies 1 and 2 than the anticipa-
tion of regret effect. The third goal of Study 3 was to replicate previous
ndings using different stimuli for prototypical counterfeit bags.
Specically, the stimuli brand was changed from Chanel (Studies 1
and 2), to Gucci, another luxury brand of handbags (see Fig. 5).
Seventy-one female undergraduates participated in Study 3. Partici-
pants were randomly assigned to one of four conditions in a 2 (regret:
anticipation of regret vs. control) 2 (self-view prime: independent
vs. interdependent) between-subject design. Using the same procedure
as Study 1, participants were presented two images of counterfeit hand-
bags. Using the same manipulation as Study 1, one handbag had a logo
(conspicuous option), and the other did not (non-conspicuous option).
Self-view was primed using stimulus from Aaker and Lee (2001), which
consists of pictures that focused on either an individual or a group of
people (i.e., family; independent and interdependent self-view,
respectively).
Aaker and Lee's (2001) Self/Others Thoughts Index was adapted to
measure participants' independent and interdependent self-views.
The questions in this index consisted of six 7-point scale questions:
please describe the extent to which (1) you thought just about yourself;
(2) your thoughts about the message were focused on just yourself;
(3) your thoughts were focused on just you; (4) you thought about
your friends; (5) your thoughts about the message were focused on
your friends; and (6) your thoughts were focused on your friends
(1 = not at all; 7 = a lot). The moral effect was measured using a
Moral Index, which averaged three 7-point scale questions; these
6 J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx

STUDY 2 - MEDIATION OF ANTICIPATING REGRET TO COUNTERFEIT CHOICE VIA

PERCEIVED RISK

Fig. 4. Study 2: Mediation of anticipating regret to counterfeit choice via perceived risk. *p b 0.05; **p b 0.01; ***p N 0.1.

questions were anchored by unethical/ethical, dishonest/honest, and
immoral/moral. Participants were told that the questionnaires in the
packet (self-view manipulation, moral effect, anticipation of regret
effect, and choice of conspicuous or non-conspicuous counterfeit
options) were unrelated to one another.
5.2. Pretest
A pretest was conducted to verify the effectiveness of the self-view
prime. Participants (n = 19) were randomly assigned to either the inde-
pendent or interdependent self-view condition. The rst three items of
the Self/Others Thought Index were averaged to form an Independent
Self-View Index ( = 0.791), and the latter three items were averaged
to form an Interdependent Self-View Index ( = 0.972). Participants
given the independent situational prime thought more about them-
selves (M = 3.27) than their group of friends (M = 1.94), t = 2.501,
p = 0.02, whereas participants given the interdependent situational
prime thought more about their group of friends (M = 4.66) than
themselves (M = 1.58), t = 3.947, p b 0.01.
5.3. Manipulation check
The rst three items of the Self/Others Thought Index were averaged
to form an Independent Self-View Index ( = 0.894), and the other
three items were averaged to form an Interdependent Self-View Index
( = 0.989). Participants given the independent situational prime
thought more about themselves (M = 3.13) than their group of friends
(M = 2.30), t = 2.102, p b 0.04, whereas participants given the interde-
pendent situational prime thought more about their group of friends
(M = 5.15) than themselves (M = 2.38), t = 6.659, p b 0.001.
5.4. Results and discussion
To test H3, category modeling analysis was conducted on partici-
pants' preference for the conspicuous and non-conspicuous counterfeit
options. The analysis revealed a signicant main effect of regret,
2(1) = 7.861, p = 0.05, and a signicant two-way interaction effect,
2(1) = 4.375, p = 0.036. These results indicate that consumers' ac-
cessibility of self-view moderates the anticipation of regret effect.
Overall, the main effect of the anticipation of regret found in Study
1 was replicated in Study 3. The analysis also showed that the
proportion of participants who chose the non-conspicuous option
in the anticipation of regret condition (80.5%) was signicantly
higher than the proportion of participants in the control condition
(45.7%), 2(1) = 9.282, p = b0.01. However, the proportion of par-
ticipants who chose the non-conspicuous option did not vary across
the independent (54.2%) and interdependent conditions (72.2%),
2(1) = 0.117, ns.
In addition, the anticipation of regret effect was tested separately in
the independent self-view and interdependent self-view conditions.
Within the independent self-view condition, participants were more
likely to choose the non-conspicuous option in the anticipation of regret
condition (84.2%) more than that in the control condition (18.8%),
2(1) = 14.988, p b 0.01. These results support H3a and H3b. However,
in the interdependent condition, the interaction effect disappeared;
participants' preference for the conspicuous and non-conspicuous op-
tions did not vary across the anticipating regret condition (76.4%) and
the control condition (68.4%), 2(1) = 0.290, ns. These results support
H3c (Fig. 6).
A nal test was conducted for the moral effect on participants'
preference for the conspicuous and non-conspicuous options. The
three items in the Moral Index were averaged ( = 0.889). The re-
sults showed no difference in the Moral Index between the

PROTOTYPICAL GUCCI COUNTERFEITS WITH LOGO AND WITHOUT LOGO

Fig. 5. Prototypical Gucci counterfeits with logo and without logo.

Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012

STUDY 3 RESULTS
100.0%
% of individuals Choosing
80.0%
hadbag without a Logo
68.4%
60.0%
40.0%
18.8%
20.0%
0.0%
control
Independent Interdependent
Fig. 6. Study 3 results.
anticipation of regret (M = 4.933) and control conditions (M =
5.185), t = 0.731, ns. Additionally, the results showed no differ-
ence in the Moral Index between participants who selected the con-
spicuous counterfeit option (M = 5.128) and the non-conspicuous
counterfeit option (M = 5.022), t = 0.296, ns.
The results of Study 3 are consistent with H3, which stated that the
anticipation of regret effect is moderated by self-view (independent
vs. interdependent). In addition, Study 3 provides further evidence for
the anticipation of regret effect. The anticipation of regret effect only
inuences consumers who have an independent self-view, but does
not inuence those who have an interdependent self-view. That is,
independent self-view consumers are more likely to choose the non-
conspicuous counterfeit option only when they anticipate regret,
whereas interdependent self-view consumers are more likely to choose
the non-conspicuous counterfeit option regardless of whether they
anticipate regret. The results of Study 3 thereby extend the results of
Studies 1 and 2: one boundary condition of the anticipation of regret
effect is when consumers' self-view is focused on the group. Furthermore,
Study 3 ruled out an alternative explanation for the results observed in
Studies 1 and 2: a moral effect did not provide a better explanation
than the anticipation of regret effect on decreasing participants'
preference for the conspicuous option. Study 4 will build on the re-
sults of Studies 1 through 3 through investigating another potential
boundary condition of the anticipation of regret effectconsciousness
of social face.
STUDY 4 RESULTS
Fig. 7. Study 4 results.
Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012
J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx 7
6. Study 4: Social face and the anticipation of regret
6.1. Design, participants and procedure
84.2%
76.4%
The purpose of Study 4 was to test a second boundary condition of
the anticipation of regret effectconsciousness of social faceand to
provide additional evidence for the underlying psychological process
that drives the anticipation of regret effect. Study 4 explored whether
face-consciousness moderates the anticipation of regret effect. Another
goal of Study 4 was to resolve one of the limitations from previous
studies by recruiting participants from the marketplace.
After ltering potential participants' responses regarding their
experiences with purchasing counterfeit products, 128 female par-
ticipants were recruited for Study 4. Participants were assigned to
anticipating regret
one of four conditions in a 2 (regret: anticipation of regret vs.
control) 2 (consciousness of social face: high vs. low) between-
subject design experiment. Using the same procedure as Study 1,
participants were presented two images of counterfeit Chanel handbags,
and chose between purchasing a conspicuous or non-conspicuous coun-
terfeit. Participants then answered 11 questions designed to measure
their consciousness of social face (Zhang et al., 2011). Participants were
told that the questionnaires in the packet (consciousness of social face
manipulation, anticipation of regret effect, and choice of conspicuous or
non-conspicuous counterfeit options) were unrelated to one another.
6.2. Results and discussion
The 11 items used to measure participants' consciousness of social
face had high reliability ( = 0.825). Participants' responses to all
questions were averaged to a single item, then a median split was
used to divide participants into low- and high-face consciousness
groups. In order to test H4, that the anticipation of regret effect will be
moderated by consumers' consciousness of social face, category model-
ing analysis was conducted on participants' choice for conspicuous and
non-conspicuous counterfeit options. The analysis showed that, the
proportion of participants who chose the non-conspicuous counterfeit
option in the anticipation of regret condition (66.2%) was signicantly
higher than the proportion of participants in the control condition
(42.9%), 2(1) = 6.00, p b 0.02. This result again replicates the
anticipation of regret effect found in Study 1 However, the proportion
of participants who chose the non-conspicuous option did not vary
across participants in the low consciousness of social face condition
(49%) and the high consciousness of social face condition (60%),
2(1) = 0.70, p = ns).
The analysis also showed a signicant two-way interaction effect,
2(1) = 3.70, p = 0.0543, indicating that participants' consciousness
of social face moderated the anticipation of regret effect. Therefore,
the anticipation of regret effect was tested separately in the low and
high consciousness of social face conditions. In the low consciousness
condition, the anticipation of regret effect was replicated, as participants
preferred the non-conspicuous counterfeit in the anticipating condition
(71.4%) signicantly more than that in the control condition (32.4%),
2(1) = 9.697, p b 0.01. These results support H4a and H4b. However,
in the high consciousness condition, the effect disappeared and partici-
pants' preference for the non-conspicuous counterfeit did not vary be-
tween the anticipation of regret condition and the control condition
(57.7% vs. 62.2%, 2(1) = 0.127, ns). These results support H4c (Fig. 7).
In summary, Study 4 provides evidence that the anticipation of re-
gret effect holds only for those consumers who are less conscious of
their social face. For consumers who are more conscious of their social
face, the anticipation of regret effect does not inuence their preference
for non-conspicuous counterfeits. The results from Study 4 extend the
results of Studies 1, 2, and 3: a second boundary condition exists
when the anticipation of regret effect is not observed, namely, when
consumers are more conscious of their social face.
8 J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx
7. General discussion
The present research addresses the question of how consumers'
preferences for conspicuous prototypical counterfeit products will de-
crease due to anticipating regret when purchasing such a product.
Study 1 extended previous research about anticipating regret
(e.g., Simonson, 1992; Keinan & Kivetz, 2008; Shih & Schau, 2011) by
demonstrating that if consumers anticipate that they will regret pur-
chasing a counterfeit product should other consumers discover the
product is counterfeit, they will prefer to purchase a non-conspicuous
counterfeit (one without a logo) over a conspicuous counterfeit (one
with a logo). This phenomenon is referred to as the anticipation of re-
gret effect. Study 2 showed that the anticipation of regret effect is due
to consumers' perceived risk: consumer preference for conspicuous
counterfeits decreased when they anticipated the regret associated
with such a purchase, specically because they perceive the purchase
as risky. Moreover, boundaries to the anticipation of regret effect
occur when consumers have an independent self-view (Study 3) or
when they are less conscious of their social face (Study 4). Across
these studies, evidence for the anticipation of regret effect was robust
as the effect occurred in all four studies.
8. Theoretical implications
Beyond studying demographic and psychographic variables that ex-
plain consumers' counterfeit purchase intentions, this research sought
to investigate the psychological mechanism that underlies consumers'
decision processing with regard to anticipating regret. This research
makes two important theoretical contributions to understanding this
mechanism.
These studies were the rst to systematically investigate how the an-
ticipation of regret effect inuences consumers' preferences for counter-
feit products. This research demonstrates that the anticipation of regret
effect decreases consumers' preferences for conspicuous counterfeits.
The bulk of extant research on counterfeits is focused on variables related
to purchase intentions (Swami et al., 2009; Gentry et al., 2006; Leisen &
Nill, 2001; Kim & Karpova, 2009; Tom et al., 1998), or reasons as to why
consumers purchase counterfeits (Wilcox et al., 2009). Existing studies
have found that consumers prefer conspicuous counterfeits (counterfeits
that have a visible display of a logo) because they provide consumers
with the same aspirational associations as the authentic product
(Wilcox et al., 2009). The results of these studies suggest that consumer
preferences for conspicuous counterfeits can be reduced by prompting
anticipation of regret and awareness of the risks associated with
purchasing a counterfeit product.
Most research on consumers' anticipation of regret has focused on
topics and products that are unrelated to counterfeits (Simonson,
1992; Keinan & Kivetz, 2008; Shih & Schau, 2011). Therefore, a second
theoretical implication of this research is the introduction of the
anticipation of regret effect into counterfeit product literature with the
goal of examining the possible psychological mechanisms underlying
consumers' counterfeit purchase intentions. This research investigated
why anticipation of regret reduces consumers' desire for conspicuous
counterfeits. The ndings provide a new perspective on the anticipation
of regret effect, namely, consumers' perception of perceived risk
mediates the anticipation of regret effect (Study 2). In other words,
because consumers associate risk with purchasing counterfeit
products, they automatically begin to anticipate that their purchase
of a counterfeit product will result in future regret (e.g., other con-
sumers discover that their product is a counterfeit, or the counterfeit
is of inferior performance, reliability, and durability). Providing this per-
spective advances the literature's understanding of how to dissuade
consumers from purchasing counterfeit products, especially conspicu-
ous counterfeits, through the anticipation of regret effect. In addition,
this research also uncovered two boundary conditions of the anticipa-
tion of regret effect. More specically, evidence indicated that the
Please cite this article as: Chen, J., et al., Anticipating regret and consumers' preferences for counterfeit luxury products, Journal of Business
Research (2014), http://dx.doi.org/10.1016/j.jbusres.2014.09.012
anticipation of regret effect occurs only for consumers who have an in-
dependent self-view (Study 3) and are less conscious of their social face
(Study 4).
9. Managerial implications
Results of the present research should be of interest to anti-
counterfeiting practitioners. One important nding from these studies
is the reduction of consumers' likelihood of purchasing a conspicuous
counterfeit product when they anticipate the regret they will feel. Fur-
thermore, this research suggests which consumers will be more likely
to experience a decrease in preference for conspicuous counterfeits, as
well as how the decrease will happen.
A seemingly constant stream of counterfeiting incidents is raising
awareness of the issues surrounding counterfeit products among
consumers, regulators, enforcement agencies, and brand marketers.
Enforcement agencies and marketers have been charged with the task
of nding anti-counterfeit solutions. Currently, these solutions have
focused on strengthening enforcement regimes centered on deterring
the production and trade of counterfeit products. However, focusing
on supply side strategies will not successfully eliminate counterfeit
products.
In the face of escalating global growth of the purchase of counterfeit
luxury products, an equally aggressive attempt to weaken the demand
for counterfeit products should complement current supply side control
regimes (BASCAP, 2009). From the demand side, consumers will only
stop purchasing counterfeit luxury products when their preferences
for conspicuous prototypical counterfeits change. This research pro-
vides one potential perspective to change these preferences. Although
the present research is not designed to solve all issues associated with
counterfeit products, this research emphasizes the importance of exam-
ining ways that anticipating regret can decrease consumers' preferences
for counterfeits, especially conspicuous counterfeits. Given that this re-
search found that consumers' perceived risk mediates the anticipation
of regret effect, identifying ways in which consumers will feel
embarrassed after other consumer discover they own a counterfeit
will be an effective strategy to reduce the demand for counterfeit
goods, especially for consumers who have an independent self-view
or are less conscious of their social face.
10. Future directions and limitations
The present research represents one of the rst empirical attempts
to examine the link between anticipating regret and preferences for
prototypical conspicuous counterfeits. Therefore, a number of impor-
tant issues remain for future research studies. One future research
area is examining other boundary conditions by which consumers ex-
perience a decrease in preferences for conspicuous counterfeits. Other
factors such as social power are also worthy of consideration. The
broad cultural context also raises questions about the inuence of antic-
ipating regret. Given today's global mobility, the same consumer may
behave differently in different cultural contexts. Future research should
also study real-world counterfeit purchasing behavior by examining
whether prompting consumers' anticipation of regret decreases their
preference for conspicuous counterfeits. A potential moderator for the
present ndings may be whether consumers have experience with pur-
chasing counterfeit products.
In conclusion, this research began by noting that although coun-
terfeit consumption and anticipating regret are pervasive, the effect
of anticipating regret on preferences for counterfeits is not widely
understood. This research has not only provided an initial effort to
answer this question, but has also introduced a new theoretical
mechanism that underlies anticipating regret within the context of
counterfeit literature.
 J. Chen et al. / Journal of Business Research xxx (2014) xxxxxx
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