The Risk–Value Trade-Off: Impact of Risk Perception, Perceived Value on Consumers’ Purchase Intention: A Meta-Analysis

Risk perception and value assessment are key drivers of purchase intention. However, the literature lacks a consensus on how and when risk perception and perceived value impact consumers’ purchase intention, and their relationship remains unclear. To solve this gap, mechanisms of consumer purchase intentions must be elucidated. We conducted a systematic meta-analysis to examine the relationships and factors moderating it, and used meta-analytic structural equation modeling (MASEM) to reveal the mechanism and boundaries. Forty-four studies (N = 21,370) were included to examine how risk perception and perceived value impact consumer purchase intention, showing that consumer purchase intention is affected positively by perceived value and negatively by risk perception. Risk perception and perceived value exhibit mutual interaction effects. Perceived value has a stronger relationship with consumer purchase intention than risk perception. In the moderator’s analysis, the effects of perceived value on consumers’ risk perception and of perceived risk on perceived value and purchase intention are stronger when consumers come from developing (vs. developed) countries. Impacts of perceived value on consumer purchase intention and risk perception and of risk perception on perceived value and purchase intention are stronger when consumers are non-students (vs. students). When analyzing the three models’ mechanisms of action, Model 1 better explained consumer intention’s boundaries and impact mechanisms. To our knowledge, this is the first meta-analytic study summarizing how risk perception and perceived value impact consumers’ purchase intention, revealing the mechanism and boundaries of consumer behavior and illuminating a forward-looking new perspective outlining research directions.