Differentiation or Environmental Motivation: How Consumption Motivation Influences Willingness to Pay a Premium for Second‐Hand Products Through Thrill of the Hunt and Smart Shopper Feelings

ABSTRACT Drawing on the theory of regulatory fit and the theory of transactional utility, this paper examines the influence of consumption motivation on willingness to pay a premium in second‐hand consumption through four situational experiments. The results indicate that, compared with Environmental Motivation, Differentiation Motivation is more effective in increasing consumers' Willingness to Pay a Premium; Thrill of the Hunt and Smart Shopper Feelings act as parallel mediators via emotional and cognitive pathways, respectively. Furthermore, the Limited Edition condition, compared with the Standard Edition condition, more effectively amplify the influence of differentiation motivation on both types of psychological experiences and enhance the overall indirect effect. The study identifies two measured psychological pathways underlying willingness to pay a premium in second‐hand consumption and offers a transaction‐utility‐based interpretation of premium acceptance in second‐hand markets.