Assessing Consumers’ Behavioral Intention and Willingness to Pay for Electric Vehicles: An Evidence from China

Abstract

In an endeavor to reduce severe environmental impacts of pollution and energy consumption, the Chinese government is strongly encouraging the use of electric vehicles. However, there is a paucity of research examining how much young Chinese buyers are prepared to spend on electric vehicles. In order to address this research gap, the current study expands on previously identified variables that affect consumer intentions. In addition, we expand the scientific basis of the Theory of Planned Behavior by introducing three new variables: performance expectancy (PE), information overload (IO), and perceived risk (PR). The study analyzed survey responses from 498 young Chinese consumers and employed structural equation modeling to evaluate the formulated hypotheses. The results indicate that behavioral intention (BI) is positively and significantly influenced by perceived environmental knowledge (ENK) and PE, but negatively impacted by IO. Additionally, subjective norms are found to be significantly and positively related to BI. The study also reveals that PR is strongly and favorably connected with BI. Moreover, WTP for electric vehicles has a positive relationship with BI. Overall, the research contributes to our understanding of ethical purchasing practices and provides essential research directions for both academicians and practitioners.