Yep, and I'd like to extend that statement and add the socio-cultural aspect as something to consider as well. Every culture uses color differently and each color has distinct meaning. An example I like to bring up when this question arises are sales. When something's on sale here, the price tags have a red, orange, or yellow(ish) background, thus these colors are often associated with "cheap" here, in Germany. One of the most popular book publishers here, called Reklam, have a series of books for students, all literature classics for which you normally would shell out at least 20 USD, you get for 1.50 USD. These books all have a yellow cover.
As a consequence, using bright shades of red, orange, or yellow as the primary color on a German shopping site for a German audience, more than a few people will associate these products being either cheap in terms of quality, or reduced in price.
Leslie Cabarga has a great, albeit somewhat brief introduction to global colors and their meaning. It's really good.