Enhancing Consumers' Willingness to Pay for Energy‐Efficient Appliances: The Roles of Perceived Value, Trust, and Green Self‐Identity

ABSTRACT Businesses and governments have sought to encourage consumers to purchase energy‐efficient appliances (EEAs), which contribute to environmental sustainability by reducing carbon emissions and conserving resources. The high prices of EEAs, however, often act as a purchasing barrier for consumers, suggesting the need for research into the antecedents of their willingness to pay (WTP) for these products, which has been underestimated in the literature. Drawing on consumer perceived value theory and stimulus–organism–response framework, this research examines the effect of perceived value on consumers' WTP premium prices for EEAs, with the mediating impact of consumer trust and the moderating role of green self‐identity (GSI). Following a pilot test of measurement items, the main study used a survey method to collect data from 405 consumers in Vietnam, which has one of the highest energy consumption rates in Southeast Asia. Partial least squares structural equation modeling (PLS‐SEM) shows that perceived quality, economic, social, and green value positively affect consumer trust, which in turn enhances WTP for a premium. Moreover, GSI positively moderates the consumer trust–WTP relationship. Importance–performance map analysis indicates that perceived quality and green value need managerial attention because of their underperformance. These findings offer theoretical references for researchers interested in energy efficiency behavior and implications for practitioners aiming to promote consumers' WTP for EEAs, especially in emerging countries like Vietnam.