A new conceptual model for consumer willingness to pay premium prices for sustainable products

Ekaterina Nazarenko and Mahmoud Ibraheam Saleh

Social Responsibility Journal, 2024, vol. 20, issue 8, 1437-1450

Abstract: Purpose - The purpose of this study is to develop an integrated conceptual framework to better understand the psychological pathways connecting consumer perceptions to purchasing intentions for premium sustainable products. Design/methodology/approach - The study develops a conceptual model that theorizes relationships between consumer perceptions of a firm’s innovation, competitive advantage, sustainable practices and stakeholder orientation. It proposes that stakeholder orientation mediates the effects of these perceptions on consumers’ willingness to purchase premium sustainable products. Additionally, lifestyle is hypothesized as a moderator. The model advances knowledge through eight testable propositions. Findings - The conceptual framework specifies indirect, mediated and moderated relationships that have not been fully captured by past literature. It theorizes that perceptions of a firm’s innovation, competitive advantage from sustainable practices and stakeholder orientation indirectly influence purchase willingness through the mediating role of stakeholder orientation. Lifestyle is proposed to moderate these relationships. Originality/value - This conceptual model offers insights for cultivating consumer perceptions that strengthen a firm’s stakeholder image and endorsement of premium sustainable products. Its validated theoretical lens and propositions can provide strategic guidance for addressing the challenges of higher price points for sustainable products through capturing psychological drivers of values-based decision-making. Future empirical assessment is recommended to validate the specified relationships in the model.

Keywords: Decision-making; Premium products; Sustainable products; Values-driven consumption; Sustainable behavior; Willingness to pay (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:eme:srjpps:srj-10-2023-0566

DOI: 10.1108/SRJ-10-2023-0566

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